Home improvement is a basic homeowner responsibility. It’s one of the best ways to take care of your property and ensure it’s safe and comfortable for you and your family. Plus, it can help increase resale value.
But not all home improvements are created equal. Some are more valuable than others, and some can even be dangerous. That’s why it is important to make sure that you are working with a trusted contractor when undertaking any home renovation projects, and always use caution to avoid potential hazards.
While a booming economy and rock-bottom interest rates helped propel home improvement spending to record highs during the Covid-19 pandemic, those gains may be starting to wane. Still, a good number of homeowners are continuing to invest in their homes. And many are doing so with a focus on adding value before they decide to sell.
Many of the categories that saw the highest surges in activity were outside-related, such as building decks and putting up fences. Other popular projects include updating kitchens and bathrooms, adding a master suite or a family room addition, and finishing basements.
With mortgage rates still high and a lot of would-be homebuyers opting to stay put, now is an ideal time for many to undertake these lower-budget, yet highly effective, projects. That way, when the market does turn and mortgage rates begin to fall, homeowners will be ready to sell their homes for top dollar. And, they’ll be able to enjoy the added space and functionality in the meantime.