Just a few decades ago, home ownership was normally limited to buying one family home and living there for your entire adult life. Families made home improvements to improve their own comfort and
convenience. Today more people begin with what is called a starter home and either move up to another price point or move all together due to changing jobs. With this in mind, home improvement projects have become more of an investment toward the resale value of a home, meaning you must avoid certain mistakes or risk losing money in the long run. Here are a few tips to ensure your home improvement projects add value to your home.
- Know when to hire a professional- There are plenty of qualified contractors out there better suited to tackle big jobs than yourself or a family member. When it comes time to do a major repair or remodel you would be better served to call in a professional than risk doing a less than perfect job. Save the do-it-yourself projects for smaller things that won’t have a significant impact on your home’s value should things to amiss.
- Think twice before adding a pool- Before you invest in a swimming pool, especially an in ground swimming pool, consider whether or not the investment is worth the possible negative impact to the value of your home. Potential buyers might now want the added expense of a swimming pool making it a con versus a pro when it comes time to sell your property. In addition to resale issues, swimming pools require an investment of time and money to keep them up and running in good order. This is “improvement” that might end up costing you more money than you are willing to spend.
- Personalized remodels- Home owners have every right to decorate and remodel their homes to suite their needs and personal taste. Unfortunately what looks great to you might not appeal to future buyers. Unless you plan on living in your current home for many years or the rest of your life, you might want to stick to less personalized remodels to retain value when it comes time to sell your home. The same can be said for jumping on the band wagon and following the latest style. While this may appeal to buyers looking for a home today, trends change and what works today will likely be considered “dated” in just a few years. Consider this when making design chooses.
Making the right home improvements can be a great way to add value to your home and convenience to your day-to-day life. For consumers who have plans to move in five or ten years, it is important to keep future home buyers in mind when making major changes to your home or risk a property that languishes on the market. If home improvement projects done today cost you tens of thousands of dollars at the time of sale, they aren’t really improvements after all.
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