My first year of home ownership looked something like this: three bathroom updates, basement renovation, updated backyard landscaping and a heck of a lot of paint. Although my husband and I intentionally planned on most of those projects, we also started making a wish list of other things we wanted to do, like expand the master bathroom or swap carpet for hardwood floors, which got me thinking—there’s a fine line between making updates that add immediate resale value and investing in choices with zero ROI down the road.
A 2018 Homeowner Protection Survey by Chubb, which queried more than 1,200 U.S. homeowners about their approach to property, found that 58% of homeowners will “definitely” or “probably” undergo a home renovation or improvement project over the next 12 months. Of those who plan to do so, 65% plan to spend at least $10,000, with 20% budgeting between $10,000-40,000 and 15% spending more than that.
