Home improvement, also known as home renovation or remodeling, is the process of changing a home’s interior or exterior. This can include paint, carpet, flooring, doors, windows, appliances and more. Home improvements can be expensive, but there are ways to increase your home’s value without spending a fortune.
A homeowner may choose to perform a home improvement project for any number of reasons. It could be to improve the look or functionality of their house, or add value when they are ready to sell. It’s also common for homeowners to fix or repair problems that they cannot afford to ignore, such as electrical issues or a leaky roof.
According to a survey by NerdWallet, most homeowners (95%) are considering some sort of home improvement project in the next two years. Some of these projects will be minor, such as painting or updating light fixtures, but others will be larger, such as adding a room or renovating the kitchen. Some of these projects will increase a home’s energy efficiency, such as installing new windows or adding insulation, which can help decrease utility bills.
It’s important for homeowners to consider the return on investment (ROI) of their project before they get started. This is determined by researching the sale prices of comparable homes in the area, as well as the home’s overall condition and amenities. For example, it is not a good idea to invest in a luxury backyard fountain when other homes nearby have more modest landscaping.