Home improvement can add value to your property and improve the livability of your space. It’s important to choose wisely, and make sure that your improvements fit with the style of the neighborhood you live in. Before starting any project, consult with a real estate agent and a lender to understand what types of upgrades are likely to return the most money when it comes time to sell your home.
The COVID-19 pandemic drove a lot of homeowners to upgrade their living spaces, but the renovation frenzy has started to slow down. According to Harvard University’s Joint Center for Housing Studies, remodeling activity is expected to fall by 7% this year compared to 2023. A variety of factors are at play, including elevated interest rates, stubbornly high inflation and a national slump in home sales.
Some of the best home improvements are inexpensive, and can be done by anyone with a bit of DIY knowledge. Installing a new front door and resealing the driveway are both low-cost, high impact projects that improve the curb appeal of your home. A fresh coat of paint is another simple way to spruce up your home, and doesn’t require any contractors or expensive materials.
Creating a primary suite (that’s a bedroom with its own private bathroom and walk-in closet) is one of the most costly home improvement projects, but it can also add value to your property. Having a master suite is appealing to buyers, and it’s an investment that can help you sell your home at a premium.