Home improvement, also known as home renovation or remodeling, is the process of renovating and making additions to one’s house. This could include changing the interior design, adding outdoor features, or modifying the layout of one’s home. Home improvement can be done for a number of reasons, including to increase one’s comfort level, make the home more attractive, or add value to the property.
Regardless of the motivation, most homeowners report finding satisfaction with their home improvements. In fact, according to a recent study, 84% of homeowners reported that they enjoy their upgraded homes.
Aside from the satisfaction factor, some homeowners may choose to renovate their homes for financial reasons as well. With the recent drop in home prices, some homeowners are choosing to take advantage of the lower price point to upgrade their home. According to the study, this has led to an increase in home improvements such as kitchen and bathroom remodeling, additions, and landscaping upgrades.
Other popular home improvement projects include adding windows and doors, upgrading electrical systems, and upgrading heating, ventilation, and air conditioning systems. Many home owners may opt to do these improvements themselves or hire a professional contractor to complete the work. When choosing a professional, it’s important to select someone with a good reputation and experience in the industry. It is also a good idea to check for proper licensing, insurance, and business references.
According to the Joint Center for Housing Studies of Harvard University, Americans will spend a record $580 billion on home improvement this year. This is the highest amount ever spent on these types of projects, and it’s expected to drop slightly in 2024. This decline is largely due to rising mortgage rates and the fact that most adult homeowners plan on staying in their homes longer than previous generations.
The most popular home improvement projects vary from one region to the next. However, most of the top projects are similar in that they involve painting and redecorating rooms. Other popular projects include repairing leaky roofs, installing new gutters, and adding an extension to the house.
While some homeowners have put their plans for major renovations on hold during the pandemic, many are still planning to do small changes to their homes. According to the National Association of Realtors (NAR), a majority of survey respondents indicated that they’d continue their renovation projects in order to improve their homes’ livability and overall enjoyment.
When it comes to resale value, the most successful improvements are those that are generally affordable and appealing to a wide range of buyers. For example, expensive custom-made upgrades like marble floors may not appeal to the vast majority of buyers. This is why it’s often best to stick with quality mid-range upgrades that are commonly found in other homes in the neighborhood. In addition, it’s important not to over-improve your home relative to the surrounding properties in the neighborhood. Otherwise, you may detract from your home’s value and possibly even delay or hinder a potential sale.
