Home improvement is a great way to make your living space more comfortable and functional. It can also improve your neighborhood, increase your community’s standard of living and boost local property values. However, it’s important to choose your projects carefully and only perform those that will give you the highest return on your investment. Otherwise, you may end up spending money that will not pay off when you decide to sell your home.
Many homeowners were able to take advantage of their mandated time at home during the COVID-19 pandemic by taking on DIY projects that they might have delayed in normal times. According to the 2021 American Housing Survey, they completed more than 94 million projects during this two-year period.
Some of these improvements are likely to add value when it comes time to sell, such as sparkling bathrooms and kitchen remodels. But some may not, including high-end upgrades that exceed the average price point of the neighborhood.
Generally, it’s best to limit expensive upgrades and stick with those that appeal to the broadest number of potential buyers. However, there are some essential maintenance tasks that should be done regardless of their effect on resale value. For example, neglected plumbing and electrical work can result in costly repairs.
If you’re unsure whether a project will improve your home, consult a professional to get an idea of the costs and returns. Then, choose a project that will meet your needs and increase your comfort while you’re living there.