Home Improvement – Boosting Your Home’s Value
Home improvement refers to renovations and additions to a residence. It is often undertaken by homeowners or DIY (do-it-yourself) enthusiasts. The scope of home improvements is broad and includes everything from a new kitchen or bathroom to finishing the basement. The industry is driven by consumer spending on goods and services needed to make homes safer, more energy efficient and better suited to the lifestyles of their owners.
Many homeowners start remodeling projects with an ulterior motive—they hope the work will boost their home’s resale value. But not all projects add value. Indeed, some can even lower your home’s value by a substantial margin, says Mischa Fisher, chief economist at Angi, a contractor search service and house renovation site.
When looking for contractors, avoid those who don’t provide a written contract with a timeline for completion and payment schedule. Ask for references, and contact past customers to find out whether they were satisfied with the contractor’s work. Also, avoid those who don’t have their MHIC license number preprinted on their contracts. New York law requires that contractors include their name, address, and MHIC license number in all contracts.
For those who are planning to sell their homes, it’s important to talk to a real estate agent about what renovations will actually boost their home’s value. And, they should steer clear of high-ticket improvements like a deluxe master suite, which may not pay off when it comes time to sell.