Adding value to your home can be a rewarding investment. Whether you are considering a home purchase or looking to increase the value of your existing property, a strategic home improvement plan can help you achieve your goals.
In recent years, the number of home remodeling retailers has increased. However, inflation is taking a toll on remodeling retailers. According to the Harvard Joint Center for Housing Studies, the number of remodeling projects is set to drop off to a more sustainable growth rate.
Home improvements can increase the value of your home, but they can also add to your expenses. It’s important to plan your upgrades to make sure they pay for themselves.
For example, if you are remodeling your bathroom, you can increase the value of your home by giving it a new look. Upgrades such as a new sink and toilet will have a significant impact on the style of your bathroom.
However, the more custom a project is, the less likely it is to increase the value of your home. For instance, installing marble floors in your bathroom won’t add value to your home, but if you want to add value to your home and you have a mid-range home, you might consider investing in upgrades that appeal to a wider audience.
Other projects that increase the value of your home include landscaping. According to the Washington Post, landscaping projects have an average return on investment (ROI) between 150% and 1,000%.