Home improvement is a term used to describe renovation and remodeling of existing residential buildings. Such projects may include adding or removing rooms, changing the floor plan, or improving energy efficiency. In addition to adding value to the home, these projects can also improve the functionality of the space for homeowners while they live there.
Homeowners have developed a renewed interest in renovating their homes. With housing prices and mortgage rates at all-time highs, more Americans are choosing to stay put and invest in their current homes rather than move. Home improvement trends have shifted from focusing on cosmetic changes to addressing issues that affect the health and safety of a homeowner.
Remodeling can be costly, so before you take on a project, consider the return on investment and your ability to perform the work yourself or hire a professional. Using online tools such as 3D models and design software can help you determine what your project will cost and be realistic about your skill level and time commitment. Make sure you include a 10-15% buffer in your budget for unexpected costs and surprises.
If you decide to hire a professional, Maryland law requires that all contracts for home improvement work be in writing. A contract should list a payment schedule and provide as much detail about the project as possible (e.g., specific types or brands of materials). Avoid contractors who will not provide you with a written estimate and contract before starting any work.
Bathrooms and kitchens are always popular upgrades, but if you want the biggest return on your investment, focus on energy-efficient improvements like replacing old windows and installing insulation. Experts say these updates will be particularly valuable in 2023 because they are cost-effective and will lower utility bills.
Another great way to add value is by transforming the exterior of your home. Repainting, re-grouting tile, and power washing are inexpensive ways to refresh your home’s curb appeal. And don’t overlook the importance of a well-maintained yard. A beautiful lawn and shrubbery can significantly increase a home’s resale value.
Adding an extra bedroom and/or bath to accommodate a growing family is a popular and affordable home improvement idea. But before you embark on this major project, talk to a real estate agent to ensure it will be a good fit for the neighborhood and sell well in your market. Also keep in mind that you can often create additional living space by converting an unfinished basement, attic, or garage. These are typically less expensive than a room addition and will not require the creation of a new foundation or roof, which can be problematic if done incorrectly. By choosing the right improvements, you can enjoy your home for years to come while making it more appealing to potential buyers down the road. Then when it’s time to sell, you’ll be ready for a smooth transition into your next home.