Home improvement involves any renovation or remodeling project that increases the function and value of a house. The term is often used interchangeably with the words “home remodeling” and “home repairs.” Home improvements can be anything from refreshing shower areas to adding extra living space, or even converting an attic into a new bedroom or bathroom. Many improvements also increase a home’s energy efficiency.
A common home improvement mistake is choosing materials and a budget without thinking about the project’s total cost. This can lead to a project that’s over-budget or puts you into debt. To avoid these pitfalls, use our handy home improvement cost estimator to help you accurately estimate a project’s costs before getting started. If you’re planning a major home improvement, be sure to include a 10%-20% buffer in case of unexpected expenses.
Despite the pandemic, homeowner satisfaction with their homes improved in 2022. The National Association of Realtors (NAR) reports that this was due to reasons like improving worn surfaces, finishes and materials, adding features and increasing livability and comfort.
The NAR reports that fewer homeowners plan to remodel their homes in 2023 than in the previous year, but there are still a number of factors that could lead to a continued increase in home improvement spending. These may include rock-bottom interest rates, a shortage of skilled workers and continued demand for upgrades that make homes more efficient and safer to live in.
Adding a bedroom or bathroom to your home is an excellent way to increase its value and livability. It can also improve your home’s resale value, as it will be more appealing to prospective buyers. However, if you add an upscale feature, such as a wet bar or custom-designed closet, your home’s value could decrease because it won’t appeal to the widest range of potential buyers.