Increasing the value of your home can be a good investment. It can also make your home more comfortable and safer. Home improvement projects include exterior improvements and interior upgrades, such as adding a new bathroom, a new front door, or a new kitchen. Adding a bathroom is particularly beneficial, since it adds a level of livability to your home.
While a home improvement project can be a great investment, there are also a few tips you should keep in mind when you decide to renovate your home. If your project is a big expense, consider a home equity loan instead of a credit card. You can use your home’s equity to get a lower interest rate and a lower monthly payment. This can be a great way to tap into the equity in your home, as long as you meet certain requirements. If you do use a credit card, keep in mind that you should not use it for long-term financing.
A recent survey conducted by Axiom, a Minneapolis marketing firm, found that consumers are planning more home improvement projects in 2021 than in previous years. The survey asked consumers about their recent projects and how they plan to work on their homes in the coming year. Almost half of survey respondents were planning to undertake all or part of a project themselves. Some respondents also planned to hire professionals for all or part of their projects. The results showed that 57 percent of respondents aged 19-55 were planning to do a project themselves, compared to 29 percent who planned to do it with a professional.
The number of bathrooms in your home is a big factor in its market value. If you have three or more bathrooms, you may be in a better position to increase the value of your home. However, you may want to avoid adding marble floors to your bathroom, as potential homebuyers may not be interested. Also, keep in mind that a home recording studio may not be a good upgrade for a young family.
A basement conversion is another way to add value to your home. It can be turned into a home office, extra bedroom, or even a game room. However, this type of remodeling project requires a professional contractor. You will also need to ensure your basement is waterproofed properly, and you will need to hire a contractor to handle the permits.
A new front door can be an inexpensive way to improve the appearance of your home. You can also add a patio or deck. If you add a new patio or deck, it may increase the value of your home, depending on the materials used. Also, you can refinish or pressure wash your deck. This will make it look like new again.
The Axiom survey also found that 40 percent of homeowners plan to begin their first home improvement project in March of 2021. Another 16 percent aren’t planning any projects at all. However, a third of respondents plan to do two or more projects in 2021.