Home improvement refers to renovation of the interior or exterior of a home or other building. This includes remodeling and repairs such as installing a new bathroom, kitchen, or room addition. This work is usually done for the purpose of increasing living space or improving energy efficiency. It also can be done to add curb appeal to the property or simply to update a home’s interior look and feel.
The housing market remains tough, with fewer Americans buying homes and more choosing to stay put and renovate the properties they already have. In 2023, experts say that home improvements will focus more on repairs, such as those needed after natural disasters, and projects that increase a home’s energy efficiency. These updates are popular because they reduce utility bills and offer a reprieve from inflationary pressures.
Another project on the rise is refreshing shower areas, laying down new tile, and installing new vanities and toilets. These upgrades are often relatively inexpensive and can make a big difference to the way a home looks and feels.
Before spending money on a home improvement project, it’s important to think about your own needs and how the work will impact the house’s value. It’s also worth evaluating how much similar houses in your neighborhood are selling for and making sure you don’t overspend, potentially scaring away potential buyers. Ultimately, though, your comfort and enjoyment should be the primary reason for any renovations you choose to undertake.