Home Improvement – How to Determine Which Projects Are Worth the Money and Which Are Better Left on the Drawing Board
Home improvement is a broad term that can encompass everything from painting and re-grouting tile to adding a new deck or installing a pool. Some homeowners embark on these projects with a solely financial purpose, while others hope to increase their home’s resale value. Regardless of the reason, it’s important to understand which improvements are worth the money and which ones are better left on the drawing board.
When determining which home improvement projects to undertake, it is essential to consider the homebuyer demographic and what will add value to the property. For example, an extravagant kitchen addition may not appeal to buyers who are looking for a more modest space. Conversely, adding an outdoor living area like a patio or fire pit can be appealing to buyers who want to entertain friends and family in a scenic setting.
Another way to determine which improvements will add value is by evaluating the real estate market and what types of homes are in demand within the neighborhood. For example, a swimming pool can be a huge draw for some buyers, but it may deter others who see it as a maintenance hassle.
The most successful home improvements are those that will have a positive impact on a buyer’s quality of life. One example is the installation of energy-efficient appliances and insulation. These projects can result in lower utility bills and increased resale value.
Other ways to improve a home include the addition of a bathroom or other extra space, such as a laundry room or garage. HomeAdvisor notes that these projects can increase functionality, add resale value and reduce monthly utility bills.
A final way to evaluate the cost of a home improvement project is by comparing prices from several contractors. Be sure to review all aspects of a contractor’s bid, including experience, references and reputation. It is also important to note that price alone should never be used as the sole deciding factor when choosing a home improvement contractor.
Homeowners often undertake remodeling projects with the goal of increasing their home’s resale price. However, not all improvements are created equal and some can actually decrease a home’s value.