Home improvement is the construction, repair, replacement, remodeling, alteration, renovation, modernization, or improvement of the whole or any part of a residential building or dwelling house. It also includes the erection, installation, or replacement of driveways, swimming pools, fences, garages, porches, patios, landscaping, and other improvements to land.
Most people renovate their homes for various reasons. Some upgrades can be purely cosmetic and make a house more livable for the owners, while others are meant to increase resale value. However, it’s important to understand that not all projects will provide the homeowner with a positive return on investment (ROI).
According to a Cost vs. Value report from Contractor Growth Network, the most popular home improvements are sparkling bathroom overhauls and kitchen remodels. But, homeowners only get about a 60 percent return on these investments.
Other high-cost projects that are unlikely to pay off include adding a master suite or putting in granite countertops. If you’re renovating your home with an eye toward resale, it’s essential to stick to low-cost projects that will boost curb appeal and add function to your living space.
It’s also a good idea to avoid making any major renovations that will outpace the rest of the neighborhood. For example, if your neighbors have modest patios, adding a luxurious hot tub and fountain will make your yard stand out for all the wrong reasons. Additionally, adding too many high-end features can turn off buyers who are looking for an affordable home.