How to Avoid Home Improvement Mistakes

Home improvement

Home improvement can include anything from repairing broken fixtures to renovating your entire house. Many homeowners undertake a renovation to increase the value of their property, improve the quality of their living environment, or simply make their home more aesthetically pleasing. When selecting a contractor for a home improvement project, it is important to choose wisely and consider price, reputation, and ability to perform the work in a timely manner.

The home improvement industry continues to grow in the United States, with homeowners who are 55 and older being the driving force. This is partly due to a shortage of homes available for sale, but also because these owners are more financially equipped to pay for projects that can add substantial value to their property.

While some home improvements may boost the value of your home, others can actually decrease it. If you’re not careful, your renovations could be a waste of money, or even worse, damage your home’s integrity. Luckily, there are ways to avoid these renovation mistakes and ensure that your projects are a worthwhile investment.

Renovate for Your Own Comfort

Some home improvement projects can boost your property’s resale value, but it’s important to focus on your own comfort and enjoyment first. If you remodel solely based on what will increase your property’s resale potential, you might end up spending money on an expensive showplace that doesn’t truly feel like your home.

Besides improving your home’s overall appearance, you can also upgrade its functionality by making improvements to your electrical system and plumbing, adding new insulation or installing a new roof. If you’re considering these upgrades, it’s important to find a reputable contractor with a solid track record and good customer reviews.

If you are planning to sell your property in the future, it’s a good idea to consult a Realtor about what specific projects will likely add value to your home and which ones may not. You can also consult a home valuation service, which can provide an estimate of what your home is worth and offer tips on how to increase its value.

Most homeowners who undertake home improvement projects stick to the budgets they set for themselves, according to a recent NerdWallet survey. However, it’s important to remember that things can get a lot more expensive than you expected — discovering a hidden sewage problem or shoddy repair job can quickly add up.

The majority of homeowner renovations are paid for with cash from savings. But more expensive projects often require financing, such as home equity loans or contractor-arranged lending. The survey asked respondents to report their total expenditures for the year on various categories of projects. The following table shows which projects had the highest average spending per household in 2017. Click on a column name to sort by that category. The data is based on responses from 23 million households.

Comments are closed.