Home improvement is a great way to add value to your home, and improve the quality of life you enjoy in your home. However, it is important to make sure that your improvements are done properly and that you have a good plan for the work that needs to be performed. In addition, it is important to consider what you will be getting in return for your investment when considering which projects to undertake.
Several factors have contributed to the recent spike in home improvement spending. First, rock-bottom interest rates have made it cheaper to finance home improvement projects. Also, a growing population of older homeowners has been financially equipped to take on larger renovations. Finally, higher housing prices have increased the amount of equity that homeowners can draw upon to fund their upgrades.
According to a survey by Houzz, the majority of planned renovations aren’t targeted at potential buyers. Just 20% of respondents say they’re planning improvements in order to sell their homes. Instead, 54% say they want to make their homes more comfortable for themselves and their families, while 33% want to improve their home’s functionality.
Although whole-home renovations have a big impact on resale value, there are plenty of small DIY projects that can also add significant value to your home. Things like painting, re-grouting tile, and power washing can all be completed on a budget and will boost your curb appeal without breaking the bank.
It is also worth noting that many high-end upgrades don’t add a lot to resale value, and could even detract from your home’s saleability. It’s best to focus on improving your home for your own enjoyment and choose upgrades that are likely to appeal to a wide range of potential buyers.
In the end, whether or not you’re thinking of selling your home in the future, it’s important to prioritize your own comfort and enjoyment with your living space. By focusing on projects that will increase your enjoyment and satisfaction with your home, you’ll find the long-term benefits outweigh the short-term costs.
If you’re looking for inspiration for your next project, check out our list of popular and practical home improvement ideas. Remember, though, that no matter how tempting it is to rip out the old and put in the new, never compromise on safety and take all necessary precautions when working with power tools and electrical work. With a little bit of planning and some do-it-yourself enthusiasm, you can make your home renovation dreams a reality and enhance your family’s lifestyle in the process.