With television schedules crowded to the brim with shows like Fixer Upper and This Old House, it’s no secret that home improvements are all the rage. But before you rip up your floors or bust out the sledgehammer, understand what makes for a good project—and one that won’t cost you more than it will return when it comes time to sell.
A well-kept lawn, a few strategically placed shrubs, and some fresh flowerbeds are a great way to add curb appeal. But you may not get much more than your investment if you go crazy with an overly elaborate landscaping plan. Creating an outdoor oasis that blows away your neighbors won’t make your home more desirable, and in fact, it could actually detract from its value.
If you’re considering a bigger home improvement project, talk to a real estate agent in your area about which renovations will actually increase the value of your house. Also keep in mind that the cost of a remodel isn’t just the price of materials and labor, but also how long it will take you to complete the project. A slow-moving job can make your home less attractive to buyers and may prolong your time in the market.
The most popular home improvement projects tend to be sparkling bathroom overhauls and big-ticket kitchen remodels. But the return on these types of investments isn’t that great—in many cases, homeowners don’t even get their full investment back when they sell.
Instead, consider a few easy do-it-yourself projects that can give your home a major facelift for little cost. Things like re-grouting tile, painting, and power washing can all increase your home’s value and are relatively simple to do.
When it’s time to sell, the best renovations will make your home stand out from others in the neighborhood but still fit within a reasonable budget. That means going easy on the high-end upgrades that will put your home out of reach for most buyers. For example, installing a custom pool in a suburban neighborhood might not add as much value as you think, especially if other homes nearby don’t have pools. Also keep in mind that your home’s value is impacted by the general housing market, so you don’t want to overbuild your home in relation to the neighborhood.