There are some certainties in life, such as death and taxes — and, for homeowners, home improvement projects. Many of these can’t be put off, such as electrical issues or a leaking roof. Others are purely cosmetic, such as replacing worn doorknobs or cleaning out rain gutters. Yet some home improvements offer a much higher return than others, including adding a master suite or updating the kitchen and bathroom.
Homeowners are renovating their homes to enjoy them while they live in them, but they also want to improve their resale value. Some home improvements are better suited for one purpose than the other, and it’s important to plan carefully before spending money on a project.
Generally, home improvements that boost energy efficiency will be in high demand, as they will reduce utility bills and offer a welcome reprieve from rising prices. These can include smart thermostats, programmable appliances and adding insulation to the attic.
But before you start pulling out the hammer, check with the experts. Regardless of the type of renovation you’re considering, you should always work with licensed professionals to ensure everything is done correctly and legally, and that it will add value to your home. And, unless you’re paying cash, you should have enough in your emergency fund to cover the cost of the project, even if it takes months to complete. This will help ensure that the project stays on budget and doesn’t go over your planned costs.