Home Improvement – Adding Value to Your Home Without Breaking the Bank

Home improvement is a huge part of the American housing industry. In fact, according to the Joint Center for Housing Studies of Harvard University (JCHS), home renovations peaked in 2022 and are expected to begin decreasing in 2024.

But it’s important to remember that not all home improvement projects are created equal. Some will yield better resale value than others. But, as a general rule, the best return on investment is found in projects that focus on enhancing livability and addressing major safety issues.

Depending on the scope of your project, it’s best to find an experienced contractor or remodeler to handle the job. When looking for a contractor, be sure to get references and do background research on their company. Some online aggregators can also provide homeowners with information on local contractors, including reviews and price ranges for their services.

The JCHS report found that homeowner satisfaction with their homes rose in tandem with their renovation spending. The most common reasons for upgrading cited by respondents included improving livability (30%), adding features and making their homes more functional (29%), and boosting curb appeal (20%).

While whole-house renovations can add significant value, there are many low-cost, high-value upgrades that you can make yourself. Painting, re-grouting tile, and power washing your exterior are all easy DIY jobs that can dramatically improve your home’s appearance without breaking the bank. Ultimately, though, your own comfort and enjoyment are the most important considerations when choosing home improvements.