Home improvement is a multibillion-dollar industry that includes the sale of building materials, appliances, decor, and services offered by contractors and tradespeople. It also encompasses projects undertaken by homeowners themselves. The market has reached excellent growth results in recent years, boosted by the COVID-19 pandemic and rising housing prices.
Home improvements often involve major investments in time and money. Therefore, it’s important to make sure you are doing work that will add value to your home and recoup your investment when you’re ready to sell. Not every project is a good fit for your home or budget, and some may even detract from the overall resale value of your property.
A common mistake is to focus on aesthetics over practicality when making home renovations. For example, a new bathroom vanity with unique fixtures and a fancy chandelier might look great but could put off buyers who prefer more modern and functional rooms.
The best way to know whether a particular home renovation will pay off is by speaking with a real estate agent before starting work. They can help you determine the best upgrades to make based on your current budget and future goals for the house. A professional can also guide you away from a project that might cost more than it will return.
Adding a master suite or renovating an outdated kitchen are generally considered high-return projects, but the exact amount recouped will vary by location and project scope. For example, a luxury bathroom remodel with heated floors and frameless glass showers is likely to appeal more to upscale buyers than a basic upgrade with standard fixtures and painted cabinets.
The Bergen County Home Improvement Program is designed to provide qualified low and moderate income Bergen County home and condominium owner occupants with an interest free loan for home improvements that are needed in order to maintain the health, safety and welfare of their homes, improve neighborhood conditions and promote and protect property values. The program is funded by the Bergen County Board of Chosen Freeholders.