Home Improvement Projects and Your Property Value

Home improvement

There are certainties in life: death, taxes and if you’re a homeowner, home improvement projects. Over the past two years, homeowners have taken on 115 million remodeling jobs — many of which weren’t planned and were often a result of needing to fix an aging roof or flooded basement. These types of unplanned projects may have a larger impact on your budget, but planning ahead for these upgrades is critical to keeping your project within the bounds of your budget and improving your home while you live there.

Whether you’re renovating for resale or to improve your living space, the type of upgrades you make can have a big impact on your bottom line. If you’re considering any major changes to your property, it’s a good idea to speak with an experienced realtor to find out how these projects can affect your property value.

A few common improvements that are often thought of as adding value include a fresh coat of paint and kitchen or bath remodels. However, these upgrades are not without cost, so you’ll need to factor in the cost of materials and labor when determining your budget. The more you can reduce the costs of your renovation, the better your chances are of getting a higher return on investment when it’s time to sell.

Many people choose to take on more extensive projects, such as adding a master suite or a great room. These are a great way to add living space and value to your property, but you’ll need to be sure that they’re in line with the style of homes already in your neighborhood. Adding too much of a unique touch can turn off potential buyers or detract from your property’s overall value.

The best investments in terms of resale value are those that offer energy efficiency, such as new windows or insulation. These updates will also lower your utility bills and help you save money in the long run.

Adding curb appeal is another easy upgrade that will increase your home’s value. This can be as simple as planting a few trees or as complex as installing a front porch. Before you start on any projects, be sure to meet with an experienced contractor for an estimate and a detailed contract before work begins. The contract should be clear about any warranties for materials and workmanship, the total amount you’ll be paying and a schedule of payment amounts. It’s also a good idea to avoid contractors that have not been certified by your state’s contractor licensing agency or whose contract doesn’t include their name, address and MHIC license number preprinted on it. This helps protect you from scams and ensures the contractor is reputable.