Home improvement is not only a popular way to upgrade your living space, but it can also increase the value of your property. However, not every home improvement project is worthwhile. In fact, some projects can actually cost you money when it comes time to sell your home. It’s important to consider the return on investment of each project before beginning work.
According to data from Contractor Growth Network, some of the most common home improvement projects that don’t provide a good return on investment include sparkling bathroom overhauls and big-ticket kitchen or basement renovations. Instead, focus on upgrades that will appeal to the majority of buyers and are easy to manage.
Another important consideration when deciding on home improvements is the neighborhood. Make sure the improvements you choose are consistent with the surrounding homes. If your neighbors all have a in-ground pool, it’s unlikely that you’ll get a high ROI on installing one as well.
It’s also a good idea to choose a qualified professional for your home remodel. A licensed professional can help you avoid costly mistakes and ensure that your renovation is done in a timely manner. Before you hire a contractor, check their license, business references, and reviews on websites like HomeAdvisor. Also, Maryland’s Home Improvement Law requires that all contracts for home improvement projects be in writing and signed before any work begins or any money is paid. Ensure the contract contains the name and address of the contractor, a disclosure that any mandatory arbitration will take place, the name and contact information for the arbitrator, and a statement that any claim against the Home Improvement Guaranty Fund will be stayed until completion of the arbitration process.