Home improvement can improve resale value, but not every upgrade is worth the money. A few do-it-yourself projects, like painting or re-grouting tile, can add real value without going into debt or running your savings account dry. Other upgrades, like adding a pool or a bathroom addition, can decrease your home’s resale value, if not done properly. If you’re thinking about putting your house on the market soon, it’s important to consider how any changes will affect potential buyers.
A well-planned home improvement project can increase livability, boost energy efficiency and even improve your home’s resale appeal. Structural enhancements like roof repairs and foundation fixes ensure safety, while aesthetic upgrades, such as paint and decorating, can breathe new life into rooms and spaces. Functional upgrades, like kitchen remodels or adding an extra bathroom, can enhance daily living and play a critical role in increasing home value and overall livability.
While the home improvement frenzy hit its peak early in the pandemic, it seems to be cooling off, at least for now. According to Harvard University’s Joint Center for Housing Studies, the latest Leading Indicator of Remodeling Activity (LIRA) report predicts that homeowner remodeling spending will drop by nearly 7% this year. That decline is mainly due to elevated mortgage rates, stubbornly high inflation and a slowdown in home sales.