Home improvement is an ongoing endeavor for most homeowners. Some projects may be quick and cheap, such as sealing drafts or replacing filters, while others can be a bit more involved like rewiring a kitchen or bathroom. Some improvements are meant to increase a home’s value for resale, while others simply improve the homeowner’s comfort and enjoyment. Some renovations may even save money, like upgrading to a more energy-efficient furnace or hot water heater.
The American Housing Survey, released every two years, asked homeowners to report the projects they had done on their homes in the past two years. The survey doesn’t break out remodels versus repairs and the types of work that were done. However, it does provide a good general snapshot of what projects are most common and how much homeowners spend on them.
According to the most recent data from the American Housing Survey, home improvement spending increased by about $72 billion between 2017 and 2019 when compared to the previous two-year period. This increase was led by households earning $120,000 or more, who on average spent $5,400 per year on home improvements.
Whether you’re thinking of selling your home in the near future or simply making it more comfortable while you’re living there, the key is to plan ahead before diving into any home improvement projects. It’s also important to consider what kinds of renovations will actually add value and which ones aren’t worth the cost.
There are a lot of factors that go into choosing which home improvement projects to undertake, including what your budget is and how long you plan on staying in the house. Many of the biggest mistakes homeowners make with their home renovations are a result of jumping in headfirst without taking the time to research and plan the project thoroughly.
The return on investment for some home improvements can be quite high, but a few types of renovations aren’t likely to recoup their costs or even make a profit when sold. Here are a few projects to avoid if you want to get the most out of your home’s value and enjoy it for the rest of your life.
A home is a major investment that should be maintained well. It’s important to make sure that you’re working with reputable contractors and using quality materials. You’ll also want to be able to clearly communicate your vision for the finished project to your contractor and have a clear payment schedule in place. Be wary of contractors who ask for upfront payments or rely solely on cash to complete the project. You should always have at least three to six months’ worth of emergency savings set aside before spending thousands on a home renovation.