Home improvement is a popular pastime for homeowners who want to improve their houses and yards. In fact, spending on these projects has increased over the past five years. And people who are 55 and over are the largest force behind this growth. But is it a smart investment? And which renovations are best for increasing your home’s value?
Interestingly, the categories of home improvements surging the most have to do with work outside the house. Deck construction is up 275%, and fence construction is up 144%. This reflects a desire to enjoy the outdoors more and add privacy to backyards that may be getting noisy from neighbors’ children and pets.
The most expensive home improvement is installing a new master suite, which can cost up to $200,000. But this upgrade typically has one of the highest returns on investment, according to Home Remodeling Loans platform RenoFi. This makes it a wise option for those who are looking to increase their property’s appeal and its potential for resale.
On the other hand, some home improvement projects may actually decrease a house’s value. For instance, a brick fireplace that is stained with soot and creosote can deter prospective buyers. But a quick fix is usually possible with a little work. A thorough scrubbing with a damp cloth and some special creosote cleaner can restore the fireplace to its original glory. And a fresh coat of exterior paint can also have an instant impact on a home’s appearance.