Home Improvement – A Wise Investment Or a Waste of Money?

Home improvement, also known as home renovation or remodeling, involves the upgrade of a home’s interior and/or exterior. This typically includes repairing, refinishing or replacing elements such as flooring, walls and ceilings, lighting fixtures, plumbing, electrical work, and roofing. It can also include adding new features such as decks, fences and pools.

Increasingly, homeowners are investing in home improvements in order to increase their house’s resale value or make it more functional for their family. A slew of popular television shows and DIY websites cater to those with an interest in do-it-yourself projects. Home improvement stores offer an array of tools, products and materials to facilitate these projects. And in an era of rock-bottom interest rates, spending money on a home improvement project can feel like a wise investment, says Joel Anderson, senior editor at The Real Estate Witch.

However, not all home improvements add value to your property. Some, in fact, may actually decrease your house’s resale value. That’s why it’s important to talk to a local [contractor] pro before you start any major projects. They can help you choose renovations that will reliably boost your resale appeal and are likely to appeal to the broadest range of potential buyers, he adds.

Whether you’re a Fixer Upper fan or more of a This Old House person, it pays to do your research before you grab the sledgehammer and start swinging. And that’s especially true in an era when many home improvement projects aren’t worth the money, according to a new report by contractor growth network Zonda Media.