Home Improvement Mistakes That Cost You in Resale Value
Home improvement can be a rewarding experience. It’s a chance to transform your house into your dream home. But it’s important to do your research before diving into any major renovation project. Many homeowners make costly mistakes during remodeling that cost them in resale value. Here are some tips to help you avoid making these costly home improvements.
Homeowners have invested a lot of time and money into their homes during the pandemic, leading to a boom in home renovation projects. The latest industry reports offer stats and insights on how the trend has evolved, the most popular projects and what 2023 might hold for residential investments.
While the pandemic may have fueled the home improvement surge, rock-bottom interest rates and aging baby boomers are also contributing factors. Those factors, plus an unsettling world, have led to an increase in home-related spending across many categories, Anderson says. For example, deck construction is up 275% and fence construction is up 144%.
Another surging home improvement is adding extra living space. This can include a garage, a great room or more bedrooms, which add functionality and value to a property. If you’re considering a remodel, talk to a real estate agent in your area about what projects could boost your home’s resale value.
Before hiring someone to perform home improvement, draw up a contract that clearly outlines the work to be performed, a payment schedule and specifics on materials or brands. The contract should also contain terms and conditions on any warranties for materials or workmanship.