Home improvement is a term that encompasses a wide range of projects to upgrade or improve an existing home. They can be undertaken for a number of reasons including personal preference and comfort, maintenance or repair work, making a home bigger by adding rooms/spaces, or to save energy or enhance safety.
The process of improving an existing home may be carried out by an individual, or it may be done on a large scale by a specialist contractor. The purpose of any home improvement work should be to increase the overall value or functionality of the property.
Renovations are not always good investments, especially if they don’t add to the overall value of the home. Some home renovations actually detract from a home’s value, which is why it’s important to do your homework before you make any changes.
Investing in quality upgrades that appeal to a broad audience is an ideal way to ensure your home’s resale value. Avoid investing in high-end home improvements such as marble flooring or new appliances that won’t be attractive to buyers.
Keep in mind that what you get back on your home improvement investments depends not only on the value of your home but also on the overall market in your area. So, beware of “overbuilding”: that is, renovations that make your home a lot pricier than its neighbors.
In general, home renovations can give you a 70 percent return on your investment, according to the website RenoFi. However, it’s not uncommon for that figure to vary.