The home improvement industry comprises the retail sales of building materials, appliances, decor, and other home enhancements as well as the construction or repair of homes. The industry reached a great success in the last years, especially during the COVID-19 pandemic, but has recently started to show some signs of slowdown.
One of the best ways to increase your home’s value is through renovation and remodeling projects, however, not all upgrades offer the same return on investment. This is partly because each property is different but also because of the other homes in your area and the type of buyer that you would want to attract.
According to a study by the National Association of Realtors (NAR), homeowners are renovating for various reasons such as updating worn-out surfaces and finishes, adding functionality, and improving their livability. The satisfaction of homeownership and pride in their home are also driving forces for some.
Regardless of the reason, most home renovations are done with resale in mind. The goal is to add curb appeal, upgrade dated fixtures, and make the home more aesthetically pleasing to prospective buyers. However, don’t overdo it. Overly lavish improvements may discourage buyers, and a home that is priced well above other comparable houses in the neighborhood won’t be as attractive to most.
With that in mind, there are a few simple but effective home improvement tips that will boost your resale value. A fresh coat of paint, a new front door, and some strategically placed shrubs or plants are all inexpensive ways to improve your home’s look without breaking the bank.