Home improvement is a great way to add value to your house. It can also improve your quality of life and make your home more comfortable. But before you start your next remodeling project, consider how the upgrade will affect your home’s resale value.
While homeowners have spent more than a half-trillion dollars on home improvements since the pandemic began, they say inflation and a potential recession will influence how much they take on going forward. Many of the most popular projects involve outdoor work, such as adding a deck and building a fence. Anderson says that a big reason for the increase is because homeowners are spending more time at home. But she adds that the most important factor is a desire to beautify their properties.
Before you hire someone to do a major renovation, ask for references. Check out their previous work, and talk to friends or neighbors who have used them. It’s also a good idea to get a written contract, which should include an estimated completion date and payment schedule. New York state law requires contractors to carry workers’ compensation and general liability insurance.
When choosing a home improvement project, think about your personal preferences and how you want to live. But remember that needs should trump wants. Replacing a leaking roof or fixing a broken heating system is more of a necessity than installing an indoor hot tub. You’ll also get better resale value if your upgrades are similar to the ones already in your neighborhood. For instance, adding an expensive fountain to your backyard could turn off some buyers.