Home Improvement Costs Can Decrease Your Home’s Resale Value
Home improvement is a huge industry, one that has seen excellent growth results in recent years. It encompasses the sale of building materials, appliances and decor — as well as the work performed by contractors, tradespeople and others who improve homes.
While homeowners typically undertake home improvements with the goal of boosting their property’s value, not all projects are created equal. In fact, some home renovations can actually decrease your house’s resale value, so it’s important to think twice before committing to an expensive project.
Some major kitchen and bathroom renovations offer a high return on investment, but other home remodeling jobs don’t always pay off. And, if you choose to hire someone to do the work for you, get multiple estimates and ask for a written estimate that includes details about the scope of the project, including what work will be done and the cost of supplies.
Many homeowners take on DIY home improvement and repair projects to save money and learn new skills. Some of these projects are relatively easy and do not require any experience or professional tools, such as replacing a light fixture or adding crown molding to a room. Other projects, like sprucing up a backyard pool or installing a deck, may be better left to professionals.
Neglected maintenance tasks can also hurt a home’s resale value, particularly for older homes. For example, a dirty fireplace that’s stained with soot and creosote can be a turnoff for prospective buyers. To make your home more appealing, clean the brick with a wet rag or cleaning solution to remove the grime and keep the firebox looking attractive.
