A home improvement project worth investing at least $10,000 to $20,000 should get you up and running in no time, a study says.
A study published in the journal PLOS ONE shows that home improvement products like drywall and tile are worth more than they used to, and that these projects can be made in a single day.
“The value of a home improvement is not just in the finished product, but in the ability to get the value out of the house,” said Dr. Nir Shoham, lead author of the study and a professor of health and human services at the Hebrew University of Jerusalem.
“A single investment of $10K in a home-improvement product can make all the difference.”
The study focused on a set of projects that the authors found to be worth investing $10k or more in, including tile repair, flooring, a new furnace, and a new bathroom.
“A large number of home improvement tasks have been done with little or no training or expertise, resulting in costly wasted time and money,” the authors wrote.
“The cost of training new professionals and developing specialized skills can be more than $10 a day, or 10 times the cost of purchasing a new home.”
In a report for The Wall Street Journal, Shohar said the research shows that many homeowners who have invested in home improvement might be missing out on the best of the best.
“If you invest in home renovation in the next two to three years, you might be able to save thousands in your home mortgage payments,” he said.
“This study is the first step toward identifying which home improvement needs to be addressed at a time when home prices are low and mortgage payments are high.”
The authors also say that these kinds of projects could make a huge difference in people’s lives, as the cost can be cut by as much as 50 percent.
“There’s an urgent need for homeowners to do this research,” Shohom said.