A lot of homeowners may not realize that their home could benefit from a home improvement. In fact, there are home improvements that could be tax-deductible. However these projects aren’t always a simple and easy change to your home. They can take a lot of time, energy, and money to get done. That is why it is important to understand which home improvements may be best for you to consider to add the most value to your home. Not every home improvement is worth it.
Understanding Home Improvements
There are 3 aspects to keep in mind when deciding if a home improvement is worth the fuss. You want to consider typical improvements, the exterior, and the amount of value added to the home.
There are some common home improvements that all homeowners should expect when they buy a home. Homeowners can expect that they will need to make sure that the roof doesn’t leak, the windows are sturdy, the gutters and downspouts work, there’s no flooding in the basement, there’s dependable appliances, the home has durable floors, nice walls, a proper HVAC system, functional plumbing, etc.
You can also look at your neighbors to compare their property to yours. If you are dealing with a nicer neighborhood then there may be other home improvements you need to make to keep up with your neighbor’s homes. If the houses in the neighborhood all have multi car garages then that may be a cue that your home should have that as well.
Don’t go overboard with the home improvements! Start off by focusing on the more affordable improvements that are most important. These are the typical home improvements that don’t add much value to the home. Instead, they make sure the home is at the same level of standards as the other properties in the area.
The Exterior of the Home
Sometimes people get ready before a big night. This may include shopping, going to salons, etc. just to make their appearance better. Your home is no different. There are home improvements that you may need to consider that can help “superficial” aspects of your property. Making sure the lawn is maintained, fresh paint, clean carpets, updated fixtures (mailbox, lettering on the house), etc. are all aspects you should think about when improving your home. The benefits of these types of projects is the fact that you can do them on your own!
When doing these home improvements, it is best to be on the safe side. Try to enhance the home’s features with any exterior changes you make. While it could be cool to have a hot pink lawn with purple polka dots on the house, it may not be appealing to future buyers.
How Much Value is Added to the Home
A majority of home improvements will simply not be able to outweigh the costs. Instead, you can look at the projects with the highest return on investment. Some high return projects include energy-saving improvements, new windows, new siding, kitchen renovations, and better bathrooms according to the National Association of Realtors (NAR).