Home improvement is a big business, with many homeowners investing time and money into renovations and upgrades. It’s a common way to improve a home, but not all projects will produce the desired results. It’s important to consider the return on investment (ROI) before taking on a project. This will help to ensure that the project will pay off when it comes time to sell.
Homeowners have been spending more time in their homes during the pandemic and focusing on making their living spaces more comfortable, functional and enjoyable. This has helped to boost the industry, with remodeling companies like Home Depot bucking the trend of discretionary spending that typically declines during economic downturns.
The most popular home improvement projects include sparkling bathroom overhauls, basement renovations and kitchen updates. However, these projects aren’t guaranteed to add value when it comes time to sell. In fact, according to a recent report by Zonda Media, only 60% of all home renovation projects will deliver a high ROI.
To increase the chances of getting a good return on your investment, make sure to stick to well-established trends in home design and only work with licensed professionals. This will help to ensure that the project is completed properly and in a timely manner, while also being within budget. Additionally, a homeowner should always ask for a payment schedule and verify that the contractor is insured before any work begins. This can be done by checking the company’s license and insurance, or asking for business references.