Home improvement is more than a DIY hobby or an exercise in personal expression; it can increase your home’s value and help you save money. But you should always consider how your renovations will impact resale and the overall look of your home before starting any project. Then, choose wisely and budget carefully to ensure that your project stays on track.
Certainties in life include death and taxes — and if you’re a homeowner, home improvement projects. They’re inevitable, whether they’re prompted by a broken dishwasher or a leaky roof, and can easily become more expensive than originally anticipated. But in a few cases, you can improve your home without breaking the bank.
A few smart improvements can make your house more comfortable and attractive while you’re living in it. But it’s important to remember that many home improvement projects don’t add much resale value. And if you’re doing them solely to sell the property in the future, you may end up spending more on the project than you get back in the sale price.
Homeowners are remodeling and upgrading their houses in record numbers, according to data from the U.S. Census Bureau’s American Housing Survey. One reason is rock-bottom interest rates, which have made it cheaper to borrow money for such projects. Among the categories surging the most: deck construction; hiring landscapers; and putting up fences. Other popular projects involve laying new tile, replacing vanities and toilets, and adding lighting and fixtures. When choosing materials, aim for midrange options rather than splurge on high-end items. That way, you’ll stay within your renovation budget and avoid the stress of going into debt.