Home Improvement During the Pandemic – Is it Worth the Investment?

Home improvement

Home improvement can be a great way to spruce up your house, increase its value and make it more livable. However, it’s important to consider whether the improvements you plan on making are worth the investment. Many homeowners will overspend on home repairs and upgrades, leading to debt that could put them at a disadvantage when it comes time to sell their homes. In addition, some renovations will not add value to the property, so be sure to speak with a real estate professional before starting any major projects.

There are certain things in life that are inevitable — death, taxes and if you’re a homeowner, home improvement projects. While these can be daunting, it’s also hard to avoid them entirely. After all, the unforeseen can arise in the form of a leaking roof or an electrical problem that needs to be addressed immediately. While you may not be able to avoid these urgent tasks, there are many other home fixes that will improve your space while also increasing its resale value.

According to a recent NerdWallet survey, about 3 in 5 homeowners took on some sort of home improvement project during the pandemic. But the good news is that the most popular fixes didn’t require a lot of money. In fact, the majority of those who completed or planned to take on a home improvement project opted for more minor improvements, like interior painting, landscape work and upgrades to their kitchens or bathrooms.

But while these improvements are simple and relatively inexpensive, that doesn’t mean that they will boost your home’s resale value. In fact, most home remodels and upgrades do not provide a high return on investment, with the average return reaching just 20 percent.

The NerdWallet survey also found that many homeowners who opted to renovate their homes during the pandemic were doing so for non-resale reasons, including updating worn surfaces, materials and finishes (30%), adding functionality or features (20%) and simply wanting a change (16%). The survey indicated that a primary suite (that’s a bedroom with its own bathroom, closet and possibly dressing area) is the most expensive improvement that can be made to a home, with resale value expected to be about 80 percent of the cost of the remodel.

But not all home improvement projects are created equal, and it’s important to do your research before deciding which ones are right for you. There’s no reason to go into debt to update your home, and you should always be careful about selecting contractors who offer incredibly low prices or have unsubstantiated online reviews. To ensure that you are choosing a contractor that will provide the highest quality of work, be sure to check their credentials and insurance coverage before hiring them. This will help to prevent any misunderstandings or disputes down the line.

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