Home improvement is a big part of owning a home. It’s important to be aware of what improvements add value, so you can do projects that will make your house more attractive and comfortable. But it’s also important to understand the financial considerations involved, particularly if you plan to sell your home.
If you’re not sure where to start, try browsing through home improvement and design blogs for ideas. You can even find some free online workshops and tutorials to help you learn the basics of home improvement. Just make sure to always take safety into consideration, especially when dealing with power tools and plumbing.
Most homeowners plan to do at least some kind of home improvement in the near future. And with good reason. Whether it’s fixing that leaky faucet or adding a deck, many of us want to improve our homes so they’re more comfortable and functional for our lifestyles.
The good news is that most home improvement projects pay off when it comes time to sell, according to the American Housing Survey (AHS). Among homeowners who completed a project in the past two years, 78% were able to pay for the majority of their work without tapping into savings or going into debt.
But not all projects have the same return on investment (ROI). Some renovations can even detract from your home’s resale value. For example, a primary suite, like a master bedroom with a bath, might not appeal to many buyers, and adding expensive marble flooring is likely to be too much of a stretch for the average buyer.