Home improvement can be one of the best ways to increase your home’s value. In fact, homeowners recoup 74 cents for every dollar they spend on improvements when it comes time to sell.
However, not all home improvement projects are created equal and some can actually have a negative effect on your home’s resale value. So before you make a big purchase for your home, be sure you’re doing it for the right reasons.
To Improve Your Comfort & Enjoyment
A home should be a place where you can be comfortable and happy living, and that means your renovations should reflect that. The following are some ways to do this:
To Improve Your Property’s Reliability & Efficiency
If you’re planning on selling your home in the future, energy-efficient improvements can help to attract buyers. Adding a new heat pump, installing updated windows and upgrading insulation are all examples of investments that can make your home more affordable to live in and also boost its resale value.
To Add More Usable Space & Functionality
If your kitchen is cramped, it’s hard to cook and eat in the same space. Adding an extra bathroom or a kitchen island is a great way to make the most of your home’s floor plan and make it easier for you and your family to work and socialize in the same area.
Despite the high cost of these improvements, fewer than half of homeowners say they’re able to pay for them without tapping into savings or making sacrifices. That’s down from a little more than half of those who answered similar questions in 2020, according to NerdWallet.