Home improvement can involve a lot of different projects, including remodeling or building an addition. It also can include painting or repairing walls and floors. Some home improvements are meant to increase the overall look of a house, while others improve a home’s functionality or safety.
Homeowners are spending money on home improvements in droves. They’re looking to upgrade their houses and make them more appealing to potential buyers when it comes time to sell. But not all home renovations add value or even bring in a return on investment when it comes to selling a home. In fact, some projects may actually decrease a home’s resale value.
Investing in a swimming pool, for example, could cost a homeowner more than they get back in the home’s resale value, according to a recent study by HouseLogic. And other types of home improvement can turn off some people, like built-in electronics that take up room in a usable space or personal touches that may not appeal to all tastes.
It’s important to be strategic about your home improvement investments. Before you begin a project, ask yourself if it’s something that would appeal to a lot of people or whether you can see how it might affect your home’s resale value in the future. You should also talk to a real estate pro before you start any major home improvement project and always pay cash instead of going into debt. And remember that as you renovate, your home’s value will go up, so update your home insurance.