Home improvement is a popular pastime for homeowners. It can add to your home’s curb appeal, help reduce energy costs or make it more comfortable to live in. It can even be tax-deductible. However, not all projects are created equal. Some may actually decrease your home’s value, so it’s important to do your research before picking up the sledgehammer.
The latest statistics show that Americans are spending a lot of money on home improvements, with the most popular renovations being kitchen remodeling and bathroom upgrades. Experts say that 2023 will be a year of DIY home improvement, with many people taking on smaller scale projects like fixing leaky pipes or adding trim to their windows. They will also be focused on updating their home’s energy efficiency.
Despite the high demand for home improvement projects, experts warn that it is possible to overdo it and end up costing yourself more in the long run. It’s important to plan a project thoroughly and stick to a budget. Homeowners should also consult with a home insurance professional before embarking on any major projects. As your home’s value increases, you might need a new policy that provides enough coverage for the added value. The most important thing to remember is that the more customized your home renovation, the less it will add to your resale value. For example, a home recording studio could turn off potential buyers who don’t share your passion for music. The same goes for overly personal decorations.