Thanks to the coronavirus pandemic, Americans have much more free time, and they spend that time at home.
© Getty Images
The pandemic has many people thinking about fixing their homes. But not all home improvement projects get decent performance.
At the beginning of the health crisis, economists predicted that spending on renovation projects would actually decrease in much of the country. But recent data shows that there has been a definite increase in interest in certain home improvement projects.
Loading error
Just look at the lumber market – there is now a shortage of pressure-treated lumber used to build decks across the country.
Meanwhile, the housing market has rebounded well since the start of the pandemic, and home sales increased sharply thanks to pent-up demand among buyers fueled further by record low mortgage rates.
As a result, many homeowners may be considering the benefits of fixing their home to make it more attractive to potential buyers, and a better place to live in the age of social estrangement. And they may be thinking of taking the DIY route, given the extra free time many people have this summer.
“They’ve been sitting at home for a few months and want to spend a little money, invest in their house, and improve it a little,” said Steve Cunningham, owner of Cunningham Contracting in Williamsburg, Va., And vice president of the National Association of Home Builders. Housing (NAHB) Remodelers.
But not all DIY home improvement projects will offer homeowners a solid return on their investment. This is what homeowners should consider before releasing the toolkit.
To start, know your limits
Remodeling Magazine produces an annual list that tracks the cost of various improvement projects versus the percentage recovered in the home’s resale value. Many of the projects at the top of the list are not for the faint of heart, or for someone who is not a trained professional.
No. 1 on Remodeling magazine list: Add a fabricated stone veneer to the exterior of your home.
“His only limitation would be his abilities,” said Cunningham. “These DIY shows, show a person who starts, and then you go to a commercial and you come back and it’s ready to go. They show you only part of the process it takes to get it right. “
Getting over it can be extremely expensive. Take, for example, boiling a shower. If a homeowner doesn’t know how to properly waterproof under the tile, their job could lead to leaks. And by the time they notice the leak, they could be analyzing damage worth thousands of dollars in terms of rotting wood and replaced tiles, Cunningham said.
‘These DIY shows show a person starting, and then you go to a commercial and you come back and it’s ready to go. They show you only part of the process it takes to get it right. ‘ – Steve Cunningham, owner of Cunningham Contracting in Williamsburg, Virginia, and vice president of NAHB Remodelers
The same goes for everything related to plumbing. In these cases, hiring a professional is usually the cheapest long-term route.
Projects that work
However, many projects that add value to a home are not as complicated as leaving a shower.
A new coat of paint can do wonders, especially if you choose the right place and color. “Paint the front door,” said Amanda Pendleton, home trends expert at Zillow (ZG). “A shiny coat of exterior paint can really add to your exterior appeal.”
However, when it comes to painting, the devil is in the details. Painting your front door black, in particular, could add up to $ 6,000 to the sale price of your home, according to Zillow’s research. Similarly, blue baths can add almost $ 3,000 to the sale price of a home. Throughout the rest of the home, look for modern neutrals like gray and taupe to increase the appeal of a home. Additionally, the paint is relatively affordable, increasing the ROI of these changes. At the other end of the spectrum, a yellow-painted house sells for $ 3,600 less on average than similar houses.
Another relatively simple change a homeowner can make is to replace lighting fixtures with smart lights. “Not only are you going to save money on your energy bill, but you’re going to sell your house seven days faster,” Pendleton said, citing additional research by Zillow.
There are also cheaper and easier alternatives to major home improvement projects, like replacing the floor in your home. A Zillow survey found that 87% of real estate agents suggest cleaning carpets before listing a home. Many homeowners will change the carpet anyway, so instead of investing in a new one, an owner can rent a carpet cleaner at their local home improvement store and renovate their carpets at a low price.
Similarly, instead of installing new tile in the home, a homeowner can safely re-cap their floors. “You could even change the color,” said Pendleton. “If you have a beige that has turned yellow, you could put on a gray grout and it will look much more modern.”
Cunningham recommended that DIY fans think about finishes around their home, including kitchen splatters and bathroom faucets. “It does a lot for the appearance of something to do a little update,” he said.
And if money is a cause for concern, it is good to prioritize the spaces that buyers are most interested in. “I love my remodeled kitchen, the kitchen is the worst place to spend your money,” said Pendleton. Instead, focus on the main bathroom in the house, which often has a lot of appeal to buyers.
Don’t forget the outdoors
With crowded public spaces posing a threat in the COVID-19 era, home buyers are much more interested in buying a home that offers outdoor living spaces that they can safely enjoy.
“Proper landscaping is proven to help homes sell faster, so work to make your garden look flawless,” said Rachel Stults, assistant editor at Realtor.com. “Gardening has become a popular trend during quarantine, so why not show buyers what they can do with their space when starting a small garden?”
Fixing outer space doesn’t have to be difficult. Cutting down overgrown trees, mowing the lawn, and planting colorful flowers is very helpful. “
However, homeowners who want to make things better might consider installing a fire pit. Homes with shaped holes mentioned in their listing description sell for almost 3% more than similar homes.
“Good scenery has been shown to help homes sell faster, so work to make your garden look flawless.” – Rachel Stults, Associate Editor, Realtor.com
Home offices are not a foolproof investment
Millions of Americans have suddenly been forced to work from home due to the pandemic. And companies like Twitter (TWTR) have even suggested that their workforce may remain remote even after the coronavirus outbreak has ended.
In fact, listings offering a home office get a 3.4% price premium and sell nine days faster than listings without one, according to Realtor.com data. “Buyers are looking for a well-equipped home office space now more than ever,” said Stults.
(Realtor.com is operated by the subsidiary of News Corp (NWSA) Move Inc., and MarketWatch is a unit of Dow Jones, which is also a subsidiary of News Corp.)
But home office projects have their difficulties. Many people’s first instinct is to turn their unfinished basement into a workspace, Pendleton said.
“What we discovered in our Zillow research is that you only get about 50 cents in resale value for every dollar you invest in a basement remodel,” Pendleton said. “And at the end of the day, even if you’re working from home, you don’t want to do it in your dark and dingy basement.”
Also, people are very particular about their home office needs. Some people will want space for multiple computer monitors, others will want larger shelves. Making a space too adapted to your current needs could alienate future buyers. “Each customer is a little different, it’s not a shoe that fits everyone,” said Cunningham.
Gallery: 8 ways luxury buildings will never be the same, from contactless elevators to much more outdoor space (Business Insider)
Keep reading
