Home improvement is the process of upgrading or repairing your house. Some improvements may be cosmetic, while others might increase the efficiency or functionality of your home. A well-planned and executed home improvement project can add value to your home. However, not all home improvements provide a good return on investment.
While many homeowners have taken advantage of rock-bottom interest rates to finance renovation projects, the overall industry is expected to decline in 2024. Rising labor and supply chain costs along with stalled home sales are driving the downturn.
The most popular home improvement projects have been bathroom remodels and kitchen upgrades. These projects typically offer the best return on investment. However, the most important consideration when deciding on home improvement projects is whether they will improve your quality of life. For example, adding a new master suite or extra bedroom can be expensive, but it may be worth it if it allows you to host family and friends more easily.
It’s also important to carefully compare estimates from multiple contractors before making a decision. Be sure to look at a contractor’s price, type of firm, experience, reputation and business references. It’s also a good idea to check whether the contractor is licensed and insured before signing any contracts. Lastly, it’s never wise to go into debt for home improvement projects. Always make a budget and stick to it, and consult with a real estate professional before investing in any large-scale remodeling projects.