Home improvement is the repair, maintenance, restoration, remodeling, alteration, conversion, renovation, or improvement of residential real property. Such projects include, but are not limited to: building a garage or porch; installing a pool; painting; re-grouting tile; planting trees; replacing carpet; remodeling a kitchen or bathroom; and adding a deck or patio.
Many people take on home improvement projects with the hope that the project will add value to their property, which is a reasonable expectation to have. However, it’s important to remember that not all improvements will increase a home’s value and even those that do are not guaranteed to see a return on investment. “There is a difference between adding value to your house and actually making a profit on your investment, and not all projects are created equal,” said Sophia Bera Daigle, CEO of Gen Y Planning, a financial planning firm for millennials.
Thankfully, there are ways for homeowners to improve their homes without going into debt or ransacking their savings. From quieting every noise to re-caulking old spots, there are a number of easy and inexpensive do-it-yourself home improvement ideas that can significantly boost a property’s resale value.