Home improvement: Boost value of your house with these renovations
Giving a new lease of life to your interior, remodelling your kitchen, or building an extension can make your home feel new. This project, though, will require a lot of money, and you likely won’t get every dollar you invest back. According to House & Home Improvement the NAR/NARI report, the average kitchen remodel costs around $80,000, and a homeowner would likely get around $60,000 of value when it’s time to sell. Bankrate.com is an independent, advertising-supported publisher and comparison service.
- Each garage is unique to the home, and storage needs are unique to each homeowner, so custom shelves make the most of your space.
- But the biggest design benefit of a lighting system is its ability to take an ordinary group of light fixtures and make them look and function better.
- New research has revealed that 69% of people in the UK are planning home improvements in 2022, whilst one in 10 plans on moving house in the next year.
The ROI of energy-efficient home improvements varies greatly based on the project you take on. For example, according to EnergySage, insulating an attic comes with an average return on investment of just under 117%. Many of these energy-efficient remodeling projects qualify for federal and state green energy tax credits, benefitting you in more ways than one.
Our experts have been helping you master your money for over four decades. We continually strive to provide consumers with the expert advice and tools needed to succeed throughout life’s financial journey. Our mission is to provide readers with accurate and unbiased information, and we have editorial standards in place to ensure that happens. Our editors and reporters thoroughly fact-check editorial content to ensure the information you’re reading is accurate.
These small efforts can make a big difference when it comes to how long it takes to sell your home and how much it sells for. And it can streamline the negotiation process since your buyer won’t have to request repairs as a result of their inspection. Zillow research finds homes that mention smart lights in their listing description sold seven days faster than expected. Zillow 2021 Paint Color Analysis found that homes with light blue bathrooms sell for a $2,793 premium. Look at the options for insulation, and plan to use different types for different areas of the house.
Give your messy closet a pretty, practical overhaul by placing pantry staples in dedicated bins. These woven beauties will only set you back about $8 each, leaving plenty of wallet wiggle room for the handy clip-on labels. Skip the standard kick plate and install chic house numbers on the bottom of your front door instead.
In the short term, many homeowners who deferred projects—both large and small—in 2020 are expected to complete those renovations once the pandemic is over. All of these factors have boosted the home improvement market and may become lasting trends that, in turn, fuel remodeling activity in the US for years to come. For many homeowners with low incomes, however, keeping up with mortgage payments—let alone home maintenance—was especially challenging last year. The ability of these owners to maintain their typically older, more affordable homes is critical not just for their safety and comfort, but for the preservation of the country’s aging housing stock. Lower-income owners were more likely to have lost employment income due to the pandemic. If their finances do not improve enough to cover back mortgage payments and deferred maintenance, the already-large disparity in housing conditions between lowest- and highest-income homeowners will only grow.
Major or Minor Kitchen Remodels
Before hiring a contractor, get tips from the Federal Trade Commission on avoiding home improvement scams. Also, find out how you can report a problem, if you encounter any issues with work you’ve had done on your home. Home improvement loan programs help with home repairs and modifications. They are the most common type of government financial assistance for home improvements. Some programs are available nationwide, while others are only available at the state or county level. “The biggest ‘wow factor’ I’m seeing right now is motorized window shades,” says Dominguez.
George Clarke’s Amazing Spaces
Getting your lawn in order is a good ROI home improvement project. Tierney McAfee is a freelance writer and Country Living and The Pioneer Woman contributor who covers entertainment, holiday & entertaining, food & drinks, design ideas, DIY, and more. This hit HGTV home makeover show made stars out of Chip and Joanna Gaines—and made shiplap lovers out of us all. Fixer Upper focuses on the design and transformation of homes in the Waco, Texas area while highlighting the power couple’s built-to-last love.
If you have the ability to pay for your project with cash up front, you’ll be able to avoid financing costs and debt accumulation. Don’t deplete your emergency fund or blow all of your other liquid savings on a project. While there are definitely other ways that you can finance home improvements, many homeowners will be able to secure greater funding by tapping into their home equity.