A home improvement project can be a great way to increase the value of your home, add functionality to your living space and provide a sense of satisfaction for a job well done. But making improvements requires an investment of both time and money. So, it’s important to select your projects wisely and plan appropriately before you get started.
If you need some help choosing, the National Association of Realtors® recently released its 2019 Remodeling Impact Report, which lists the cost of 20 popular home improvement projects, the return you can expect to earn on your investment and how much joy homeowners experienced when the projects were complete.
Some of the projects that will give you the biggest bang for your buck include putting in new or refinishing existing hardwood floors, upgrading insulation, and installing a new HVAC system. But while your expected return on investment will likely be an important factor in the decision-making process, it’s not the only one to consider. It’s also important to think about how much more you’ll enjoy your home when the project is complete, especially if you plan to stick around for a while.
According to the report, after completing their home renovation projects, 74 percent of respondents had a greater desire to be in their home and 65 percent enjoyed their home more. In fact, the typical joy score of all respondents—no matter how large or small the project—was 9.6 out of 10.
If you’re ready to take advantage of the equity in your home and complete the upgrades you’ve been dreaming of, while mortgage rates are still low, contact us today to get started.