Home improvement is the process of enhancing a house through remodeling and renovation. The goal of home improvement is to improve the functionality and appearance of a house, making it more comfortable for the inhabitants. Home improvements also include projects that make the house more energy-efficient or adapted to new uses. These activities are often categorized as capital improvements, which increase the home’s value and may be tax-deductible. Home repairs, on the other hand, do not increase the home’s value and are typically not tax-deductible.
Many different kinds of projects can fall under the heading of home improvement, from changing out fixtures to adding an extension. Homeowners may undertake these projects themselves or hire contractors to do them for them. Some home improvements, such as painting and landscaping, are cosmetic while others, such as adding a deck or replacing windows, can significantly raise the value of the house. The choice of projects depends on the individual’s taste and needs, as well as the neighborhood in which the house is located.
The home improvement industry is a large and growing one. It encompasses the sale of building materials, appliances, and decor for renovations and upgrades. It also includes the services of contractors, remodelers, and repairpeople who help homeowners accomplish DIY projects or professionalize their work. The industry has enjoyed excellent growth results in recent years, even during the COVID-19 pandemic.
There are a variety of projects that can add value to a house, including adding an additional bedroom or bathroom, installing a kitchen island, and upgrading the roof. Other popular home improvements are painting, re-grouting tile, and power washing the exterior of the house. Some of these projects are relatively inexpensive and can be done with the homeowner’s own tools and labor.
Other home improvements can be more costly, but will pay off in the long run. Replacing windows and doors is an example of a project that will usually recoup 80% of the cost upon selling the home. Energy-saving home improvements, such as replacing furnaces and air conditioning units, can also increase a home’s resale value.
Some projects, however, may have a negative impact on the home’s resale value. For instance, adding a home recording studio to the property could turn off potential buyers who might not appreciate the extra expense.
Before undertaking any major home improvement projects, it’s wise to consult an experienced real estate agent for advice and a list of projects likely to boost the home’s resale price. A good agent can also steer the homeowner away from expensive and time-consuming projects that are unlikely to recoup the initial investment. The real estate agent can also provide information on how to find contractors and pricing estimates for various types of projects. It’s also advisable to check online for articles and tips on how to plan a home improvement project and select the right contractor. Also look for information on how to avoid scams and how to keep track of renovation expenses.