Home improvement involves any type of renovation, repair or improvement of the structure and/or living area of a residential house. It also includes the care and maintenance of a yard.
Home improvements can be a great way to increase the comfort of your living space and make it easier to sell when you are ready to move on. But some projects will boost your home’s value more than others, so it’s important to do research before starting any work.
In general, homeowners are spending more on remodeling their houses than ever before. Spending on home improvements has jumped more than 50 percent since 2010, and people aged 55 and older are the main drivers of that growth, according to a new report by Harvard Joint Center for Housing Studies.
But not all home improvement projects will give you a good return on investment, especially those involving high-end materials or contractors. Major kitchen or bathroom renovations tend to have the lowest ROI of all types of home improvements, according to a report from Contractor Growth Network.
The highest returns come from projects focused on improving a property’s energy efficiency, such as installing a heat pump and insulated windows. They will decrease your utility bills and make your house more attractive to buyers if you decide to sell it in the future, the report says.
Homeowners can get a head start on their next project by talking to a realtor in their neighborhood about which renovations are likely to increase their home’s value. They can also check their home insurance policy to ensure that they have enough coverage for the renovations and any potential damage.