Home improvement is the remodeling, altering, renovating, repairing, converting or modernizing of a residential building. It may also include the construction, erection or replacement of driveways, swimming pools, including spas and hot tubs, porches, patios, awnings, garages, basements and any other additions to a residential building. Home improvement may also include the installation of insulation and the raising or lowering of a home’s elevation.
Homeowners are spending more money than ever on home improvements, with many projects adding a significant amount to their house’s value. However, that doesn’t mean all improvements are created equal – in fact, some can actually decrease your home’s value.
One of the biggest mistakes that homeowners can make is investing in a renovation that will not appeal to potential buyers. That means avoiding renovations that are too personalized, exceed the taste of most people or deviate from the style and architecture of other homes in your neighborhood.
Similarly, renovations that decrease your home’s energy efficiency can also have a negative impact on resale. Installing new windows, a heat pump or added insulation are good examples of home improvements that can help increase your energy efficiency and save you money on utility bills.
It’s important to talk to a Realtor before starting any home improvement project to determine which renovations will add the most value to your house and what types of projects are most suitable for your budget. And always obtain multiple estimates before choosing a contractor to complete the work. Prices vary significantly, as well as quality of work and the ability of a contractor to meet deadlines.