Home improvement is a wide-ranging industry that encompasses everything from home remodeling to the sale of building materials, appliances, decor, and contractors’ services. It’s been a hot area of interest for consumers during the COVID-19 pandemic, and experts predict that homeowners will continue to invest in their homes in 2024.
Some projects add more value to a house than others, so it’s important to choose carefully. It’s also a good idea to consult a professional when you’re planning a major renovation.
A licensed inspector can help you assess the condition of your home and make recommendations for improvements that are necessary for safety and compliance with local regulations. A professional can also help you plan and budget for your project, making sure that the scope of work fits within your financial constraints. You may also want to consider working with an aggregator that can bundle multiple offers from a variety of service providers.
If you’re planning to sell your home in the future, it’s a good idea to speak with a real estate agent about what improvements are most likely to add value. They can also let you know which upgrades are overpriced and will turn off potential buyers. For instance, adding a luxury bathroom may not pay off if your neighborhood isn’t accustomed to that kind of spending.
While you may be eager to start renovating, it’s a good idea to go slowly and stay within your budget. You should never go into debt to finance a home project, and you shouldn’t spend more than you can comfortably afford to pay back when you sell your house. If you do need to finance a project, be sure to shop around for the best rates. You can often find lower interest rates on home improvement loans than you’d get on a credit card.
It’s also important to choose updates that fit with your home’s style and location. If you install a modern kitchen in a traditional-style house, it will probably look out of place. Also, if you live on a busy road, installing an in-ground pool is probably not the best idea.
You can boost the resale value of your home by making repairs and upgrades that will increase its energy efficiency. This can include things like installing solar panels or replacing outdated windows. It’s a good idea to check with your local government about the requirements for these types of projects, and to hire a qualified contractor to ensure that they are completed properly. You should also update your home insurance to reflect the changes you’ve made.