Home improvement, also known as home renovation or home remodeling, refers to a number of different projects that can be done on a residential property to make it better, more comfortable or functional. These projects can include a wide variety of things, from installing a new kitchen or bathroom to redoing the paint and decorations. Whether it’s a major project or simply replacing worn items, it’s important that homeowners consider their goals before beginning any work and stick to their budget.
A big reason that many home improvement projects end up costing more than expected is because they aren’t well planned, according to a September NerdWallet survey. A lack of planning can lead to unexpected discoveries, such as rotten subfloors or poor roofing repairs. It can also mean that contractors go over the estimated price to add extra work or materials. But 80% of the respondents to the NerdWallet study said that they typically stick to their budget when doing home improvements.
It may be hard to resist the lure of a bargain, especially when it comes to home improvement supplies and labor, which can easily add up. It’s a good idea to shop around for the best deals, but be sure that the contractor you choose is licensed and insured. It’s also a good idea to read reviews before choosing a contractor and ask for references.
If you’re planning to sell your home in the future, it’s important to think about how your home improvement projects will affect the resale value. Certain improvements, such as adding a master suite with a bath and walk-in closet, can significantly boost the home’s value. However, other changes, such as a hot tub or fountain in the backyard, might not pay off when it comes time to sell. It’s a good idea to talk with a realtor about which upgrades will yield the highest return and which ones aren’t worth the cost.
Some projects, such as fixing a leaky roof or painting the front door, are necessities and should be done to keep the house in good condition. Other projects can be done to improve the appearance of the house or increase its value, such as putting in a new kitchen or upgrading the heating and cooling system. The homeowner may also wish to undertake a project for purely aesthetic reasons, such as changing the color of the house or putting in new flooring. These types of projects are usually the most expensive, but can also have the biggest impact on a home’s value and curb appeal. This is why they are often the first ones that a homeowner will want to do.