Home improvement is a broad category of projects that improve or enhance the interior and exterior of residential homes. It encompasses anything from painting to landscaping, but may also include more extensive renovations such as kitchens and bathrooms. Many homeowners undertake home improvement projects with the intent of adding value to their property, but it’s important to remember that not all improvements add value.
In fact, it’s possible that some home improvement projects don’t even recoup their costs, and some can even decrease a house’s value. That’s why it’s essential to research projects that are popular in your area and that will appeal to potential buyers.
The best way to determine whether a project will increase your home’s value is to consult with an experienced real estate professional or contractor. He or she can help you identify projects that are both desirable and cost-effective for your particular neighborhood. It’s also a good idea to consider what types of improvements have been successful in your own home, as these are likely to be the most profitable.
Some projects that are expected to increase a home’s value include updated kitchens and bathrooms, extra living space such as a finished basement, and deck construction and fence installation. Adding energy-efficient upgrades is another smart way to add value and save money.
A well-maintained yard is also an important factor in a house’s curb appeal. This can be as simple as removing dead or overgrown shrubs and plants, sprucing up the lawn with re-sodding or new grass seed, and using edging to define outdoor spaces. Putting down fresh mulch or straw in garden beds is another easy and inexpensive way to give the front of your home a big boost.
When it comes to choosing a contractor for a home improvement project, never make your decision based solely on price. There are a number of factors to consider, including the quality of work, reputation, and ability to complete the job on time. When comparing prices, try to get estimates from a number of contractors and choose the one with the best overall combination of value and reliability.
It’s also a good idea to avoid projects that outpace the level of improvement in neighboring homes. A lavish backyard pool or fountain, for example, can detract from the appearance of your home and may discourage prospective buyers.
Finally, it’s wise to avoid going into debt for a home improvement project. You’ll end up paying thousands in interest on top of your initial investment, and you won’t even own all that shiny new stuff once the mortgage is paid off. If you must borrow to pay for a home improvement project, make sure to shop around and find the best interest rate available. You can also consider financing the project through a local bank or credit union. Just be sure to read the fine print and carefully weigh all options before making a commitment. Moreover, always be careful to choose a contractor with a Maryland Home Improvement Contractor license (MHIC). A licensed contractor will have their name, address and MHIC license number preprinted on the contract.