Home improvement, a broad term that encompasses many different types of projects, is an ongoing effort to enhance the value of a home. These projects can range from minor adjustments to major renovations. They can improve a home’s safety, comfort and functionality. In addition, they can also add curb appeal. Home improvements can be a significant investment, and therefore, it is important to understand how to maximize your return on investment.
In order to make sure that your home improvement projects are completed in a timely fashion and within budget, it is wise to work with contractors that are licensed and insured. You should also prepare a written contract that outlines the project details, including a timeline for completion and a payment schedule. It is also a good idea to include as many specifics as possible, such as the types of materials and brands that will be used.
Despite the recent pandemic, homeowners are continuing to renovate their homes. According to the Joint Center for Housing Studies of Harvard University (JCHS), the rate of remodeling in the first quarter of 2022 was slightly lower than it was last year, but still higher than historical averages.
The highest-ranked home improvement projects are kitchen remodels, followed by bathroom remodels and exterior paint. Other top projects include replacing worn doorknobs, scrubbing down the siding and adding windowboxes filled with geraniums. However, it is important to remember that not all home improvements increase a home’s value. For example, a luxurious spa-like master bathroom may not appeal to buyers in the market for a modest two-bedroom house. It’s also important to keep in mind that a home’s upgrades should be consistent with the surrounding neighborhood.