Home improvement is a large industry that encompasses the construction, renovation, repair, and modernization of residential and noncommercial property. This includes, but is not limited to, the construction or replacement of porches, garages, sheds, roofs, fences, and swimming pools. Additionally, it may include any activity that modifies the use or appearance of a dwelling such as installing new kitchen appliances, painting, wallpapering, carpeting, and landscaping. During the COVID-19 pandemic, home improvement sales reached record highs as consumers focused on renovating and updating their homes.
Homeowners often undertake home improvements with the intent to increase their house’s value. Adding a bathroom, finishing the basement, and installing new kitchen cabinets are popular home improvement projects that are typically seen as having the potential to add value to a property.
However, not all home improvement projects are created equal. Some have the opposite effect, decreasing a home’s value. To ensure that your home improvement projects will boost, rather than detract from, your house’s value, it is important to do your homework before beginning a project.
Fortunately, there are many resources available to help you plan and execute a successful home improvement project. Many home improvement stores offer expert advice and demonstrations, while others provide detailed step-by-step instructions for completing specific projects. Additionally, there are a wide variety of books and websites dedicated to the subject.
Although the majority of home improvement projects are funded with cash from savings, there are also numerous financing options available for those who need it. These include cash-out refinancing, home equity loans, contractor arranged financing, and credit cards.
As the home improvement industry grows, so does the number of DIYers. The popularity of television shows such as Bob Vila’s This Old House has helped to fuel a widespread interest in home remodeling and repairs. In addition, the increasing availability of affordable power tools has enabled more and more homeowners to perform many of these tasks themselves.
Nevertheless, the majority of home improvement projects are still performed by professional contractors. In order to reduce costs and avoid costly mistakes, it is advisable to hire a licensed, insured, and experienced contractor. Homeowners should always obtain multiple estimates before selecting a contractor and be sure to carefully review contracts and payment terms before making any payments.
The most popular home improvement projects are kitchen and bath renovations, followed by the installation of a new deck or patio and new flooring. In contrast, kitchens and bathrooms are the top selling points for a home, and buyers will generally not pay a premium for a home with outdated fixtures and finishes.
The newest trends in home improvement are centered around green technologies and energy efficiency. Solar panels, geothermal heating systems, and insulation are all growing in popularity, as are energy-efficient windows and doors. As a result, these types of green home improvements are likely to increase in value over the long term. However, as with any type of home improvement, it is important to do your homework and select only those projects that are both environmentally responsible and within the style and functionality of your neighborhood.