Home improvement is the remodeling, renovating, repairing, restoring, modernizing, or adding to the structure and amenities of a home or other building. The term may also refer to improvements on the outside of a house such as garden work or the construction of decks, porches, or gazebos. It may also refer to the repair or replacement of roofs, gutters, or windows.
Home repairs and improvements are a constant in the life of any homeowner. Whether due to age, wear and tear, or just needing some freshening up, these tasks usually require time, money and the services of a professional contractor.
While some projects add significant value to a home, other improvements may only provide an incremental return on investment. It is important to do your homework on what home improvement projects are likely to add the most resale value before investing a large sum of money in your home remodel. Some of the most popular home renovations include sparkling bathrooms, kitchens, basements, and backyard additions and upgrades. However, the more customized these improvements are, the less likely they will appeal to a wide range of potential buyers and ultimately boost your home’s value.
One of the most common reasons homeowners hire contractors to perform home improvement projects is to make the home more appealing or functional. This can be achieved through a number of ways including landscaping, painting, installing carpeting, or adding fixtures and appliances. When choosing a contractor to perform these types of jobs, it is vital to find a qualified, licensed, and insured company with plenty of experience in the industry. This will help ensure the project is completed correctly and any warranties are protected in case something goes wrong during or after the job is done.
In the United States, homeowners spent an estimated $522 billion on home improvement projects during 2019, according to the Census Bureau’s American Housing Survey. This is a $72 billion increase over the previous two-year period.
Some projects are more urgent than others and just need to be taken care of, like a leaky roof or flooded basement. Other home improvement projects may be more cosmetic and are meant to enhance a home’s curb appeal, such as new kitchen cabinets or a new front door.
A common mistake homeowners make when undertaking home improvement projects is going into debt. This can be extremely dangerous because you’re spending thousands of dollars on a project that you don’t own, and then paying even more for it in interest. It is much better to save up for the home improvement projects you want to do and pay for them in cash. This will allow you to avoid the stress and financial hardship that comes along with accumulating high levels of debt.