Home improvement isn’t just about improving your living space — it’s also an opportunity to increase your property value. The best home improvements are high-return, low-risk projects that make the most of your investment.
With the housing market slumping and mortgage rates rising, many homeowners are deciding to stay put and instead spend money fixing up their current homes. Homeowners are also looking to save on energy costs by making upgrades that improve the home’s efficiency.
The most popular home improvement categories this year are decks and fence construction. According to Anderson, these types of projects have been surging since the spring and fall of 2023. Deck construction is up 35%, while fence construction is up 24%.
Other popular projects include kitchen and bathroom renovations. Upgrades like new cabinets, updated appliances and modern fixtures will boost the home’s overall value. However, these projects are often expensive and may not pay off if you’re considering selling the house soon.
Experts advise focusing on upgrades that are in line with neighborhood trends and will appeal to the majority of buyers. For example, installing marble flooring in your master bath might not be worth the investment if you live in a middle-class neighborhood where most people are upgrading to laminate.
Before you start a project, it’s important to create a budget and stick to it. Using software tools to model your design will help you get an idea of how much it will cost, and you can add a 10% buffer to your estimates to account for unexpected expenses. It’s also a good idea to work with contractors who are licensed, insured and experienced. In addition, a contract should clearly outline the work to be completed and include a payment schedule.