Home Improvement Ideas to Get You Started
Home improvement, also known as home remodeling or renovation, is a popular hobby for many people. It involves upgrading an existing home, both inside and outside. A homeowner may also undertake home improvement projects to add value to their property. Here are some ideas to get you started. Read on to get inspired! After all, who doesn’t want to make their home look more beautiful and more comfortable? But before you tackle home improvement projects, make sure you know exactly what you want to achieve!
Home improvement projects
You might have been thinking about doing some home improvement projects, but haven’t decided which one to tackle. There are two primary reasons for doing these projects: personal enjoyment and increased property value. Often, they overlap, and for good reason. If you are considering selling your home, upgrading the kitchen is a top priority. A lackluster kitchen might turn off a prospective buyer, while a new countertop will add value to the property.
Depending on the project, some upgrades can negatively impact resale value. More customized projects aren’t likely to increase the resale value. For instance, a home recording studio may not appeal to a young family, so redesigning it could turn off prospective buyers. In addition, a $10,000 kitchen range and marble floors in the bathroom aren’t likely to fetch top dollar at the closing. However, your own personal preferences may influence the type of improvements you do to your home.
According to the Joint Center for Housing Studies of Harvard University, annual spending on home improvement is projected to reach $430 billion by 2022. This trend isn’t confined to just home renovation. Many homeowners face unexpected costs as they add equipment, renovate the exterior of their homes, or add new features. These costs can quickly add up, making it difficult to budget for home improvements. For this reason, it’s important to plan ahead and consider these hidden costs when determining your budget.
Compared to the cost of a new kitchen, a bathroom remodel can add anywhere from $19,000 to $68,000 to a typical home. For example, remodeling a 2,000-square-foot bathroom will cost approximately $19,000, while renovating a 3,000 to 4,000-square-foot home will cost about $75,000 to $100,000. Remember, bigger doesn’t mean better, so make sure to consider the size of your house when deciding which improvements to make.
When pursuing a home improvement project, there are several different financing options available. These loans depend on your personal circumstances, credit history, and the amount you need to borrow. While the latter option may be more convenient, it can also have a higher interest rate. Before deciding on a financing option, make sure to research the various options available. A viable plan is one that you can afford later on. Listed below are some common home improvement financing options:
Before applying for a loan for a home improvement project, consider the value of the property. Many times, the money you spend on renovations will increase the value of your home. However, it can be difficult to get the money needed to make these improvements. If you have a limited amount of cash, home improvement financing may be your best option. It will allow you to get the funding you need for the project while meeting your financial obligations.
Return on investment
The Return on Investment (ROI) of a home improvement project is a measurement of the value you get for your money. While some home improvement costs will increase the value of your home, others will have little to no impact on its resale value. Nonetheless, your goal should always be to increase the value of your home by at least as much as you paid for the project. The following are some ways to estimate the ROI of your home improvement project:
The most common home improvement projects are those that increase curb appeal. Replacing a garage door can have a 93.3% return, but it may not be the best choice. Replacing a garage door with an energy-efficient one can bring a return of over 90%. Another good home improvement project is to update your home’s exterior by adding a faux stone facade. It can give your home a classic look while increasing the resale value.