Home improvement is a massive industry with consumers spending money on renovations, remodeling and upgrades to their homes. It includes the sale of building materials and appliances, as well as the services provided by contractors and tradespeople.
Some home improvements increase resale value while others don’t. For example, installing a new kitchen sink or bathroom shower might give you a high return on investment, but other upgrades can detract from your home’s overall value. The key is to choose improvements that are common among your neighborhood’s properties and in line with the home price average in your area.
A swimming pool might seem like an excellent home addition, but it actually only increases a house’s value by about 7%, according to real estate experts. It’s also important not to overspend on your home renovations. Putting in too many upgrades could make your home look dated and scare off potential buyers.
If you plan to sell your home in the future, it’s a good idea to consult with a real estate professional before undertaking any major improvements. They can offer valuable advice on what renovations will pay off when it comes time to sell.
A good place to start is a curb appeal inspection. Prune overgrown shrubs, trim and retouch your yard’s landscaping, including tree branches, to create a neat, manicured look. Adding a fresh coat of paint to the exterior is another low-cost, high-return upgrade. It’s also a smart move to replace old windows with energy-efficient options, which can lower your heating and cooling bills.