Homeowners are expected to spend a near record $317 billion on home improvement this year. The trend is expected to continue, as areas have fewer homes for sale and homeowners have little incentive to move from homes with record low fixed mortgage rates, experts say.
What’s the biggest home improvement mistake that most folks make? Over-improving one’s home can be the costliest, housing experts say. Remodeling magazine found that only attic insulation netted an immediate return on investment (108%). A new entry door was next best (91%). Even the popular minor kitchen remodel only netted an 80% return.
In time, these improvements will net a return. But sometimes homeowners customize and overspend, thinking they’ll sell at a profit in the future, but are unlikely to ever recoup their investments.
If you’re thinking of selling your home, but think you need to make improvements first, talk with your Realtor before diving in. They can give you input on what improvements will get the greatest return, maximize your marketability, and minimize the cost to you. They also have many connections when it comes to home improvement resources such where to get materials and who to do the work. DIY may safe you some money, but a job not done well will do more harm than good when you go to sell.
Want some more ideas on how to improve your home and while staying conscious of resale value? Let’s talk!