Home improvement is a huge part of homeownership. It isn’t only about fixing things when they break, it’s about making your house a better fit for your family’s needs and wants. Home improvements also add to the overall look of a home and can help with safety and security. It can be an expensive undertaking, but one that is well worth it.
The good news is that a majority of homeowners feel they are well prepared to pay for their planned home improvements without tapping into savings or going into debt. This is a big improvement over last year when only 69% of respondents said they were confident they could do the same.
A few home improvements have great resale value, but even the highest-end upgrades don’t always recoup 100% of their cost when it comes time to sell. That’s why it’s important to speak with a real estate professional in your market before spending money on major renovations that may not pay off.
More than half of the improvements plan by survey responders are expected to happen in the backyard. Yard and landscape work is surging, with deck construction up 275% and hiring a lawn service up 144%. People are also planning to put up fences and plant new trees. These projects reflect the fact that more people are spending more time at home due to the pandemic and have been looking for ways to make their home entertainment areas more enjoyable.
Some people are planning to use the money they have saved on their planned home improvements to pay off debt or to take a vacation. Others are hoping to improve their home’s energy-efficiency and resale appeal by upgrading the kitchen or bathroom. It is important to note that many home improvements are tax deductible if they meet the proper criteria, so check with your CPA and/or state’s department of finance and taxation before starting any renovations.
When it comes to resale value, the most popular home improvement plans are for updated kitchens and bathrooms and adding square footage by finishing a basement or building a deck or patio. However, buyer preferences can vary widely by market and region, so it is important to focus on what will attract the most buyers in your area.
For DIYers, there are plenty of tools available to help them get started. Free online 3D design and modeling programs like Floorplanner are super helpful in determining what a project will look like before starting. However, some improvements, such as electrical or plumbing works, should only be completed by qualified professionals to avoid potential hazards. The most important thing to remember is to be safe when working on any type of home improvement project. Always wear protective gear when working with power tools and never attempt a DIY project that you are not fully competent to complete safely. Also, remember that it is important to have all work done by a licensed and insured contractor.