The home improvement industry is one of the fastest growing segments of the construction sector. This industry is responsible for the sale and installation of building materials, appliances, decor, and services such as contractors and tradespeople that help to upgrade homes.
According to Houzz, the most popular home improvement projects in 2019 include kitchen and bathroom renovations as well as the addition of new living spaces such as a sunroom or a deck. These projects are expected to be driven by rising material costs as well as a renewed interest in DIY home improvement from homeowners who are deterred from moving by historically high mortgage rates.
When choosing home improvements, it’s important to consider not only the aesthetics of a project but also its potential impact on your home’s value. This is particularly true if you are considering selling your home in the future. If you want to add a certain feature that is not common in your area, consider whether it would appeal to a wide range of buyers.
Adding a master suite is one of the most common ways to increase your home’s value. This type of remodel typically includes a large bedroom with a private bathroom and walk-in closet. It is also common to see homeowners adding a media room or office to their home. These upgrades are usually considered to be high-end and can add a significant amount of money to the resale value of a property.
A smart thermostat is a great way to add value to your home while reducing energy costs and enhancing your overall comfort. These devices connect to your wireless network and allow you to control your home’s temperature from a mobile device or computer. They can be programmed to run at a lower rate during times when you aren’t at home and can even monitor your water usage.
Replacing windows is a cost-effective way to improve your home’s curb appeal and make it more energy-efficient. New vinyl windows can improve the look of your home and help reduce energy bills by reducing heat transfer and air leakage.
It’s easy to get caught up in the excitement of a home improvement project and overspend. Try to stay within your budget and avoid spending thousands on a new kitchen or a marble-lined bathroom. The more customized your house is to your personal tastes, the less likely it is to have a positive effect on its resale value.
Remember to update your home insurance policy when making any major improvements. When your house’s value increases, your old policy may not offer enough coverage. Talk to your agent about upgrading your policy to match the new value of your home.