Whether you are planning a home improvement project for personal use or for a potential buyer, it’s important to consider how it will affect the resale value of your home. Depending on your project, you can expect a positive or negative impact.
For example, a new front door is a low-cost way to add value to your home. However, you’ll likely pay more for a new bathroom. A refurbished deck or patio can increase your living space without breaking the bank.
Whether you’re planning a home improvement project or are preparing to sell your home, you’ll want to know the return on investment (ROI) before you start. A good return on investment means that your project will pay for itself, and it will contribute to the overall quality of life for you and your family.
A recent Axiom survey asked consumers about their home improvement plans for 2021. Over two-thirds of respondents said they would plan to start work on a home improvement project in the first half of the year. Of these, 44 percent planned more complicated projects.
The Axiom survey also found that more than two-thirds of homeowners will be hiring a professional for part of their projects. Nearly half of surveyors said they were planning to do a home improvement project themselves, and 57 percent of DIYers were planning to do one or more projects this year.
Some homeowners are opting to take out a personal loan to finance their project, but this option has higher interest rates. You can also apply for a home equity loan, which will allow you to borrow against your home’s equity.