Home improvement is the repair, renovation, remodeling, alteration, conversion, or modernization of a residential building or a part of a residential building. It also includes work done on other structures such as garages, carports, roofs, fences, and swimming pools. Home improvement is often done by contractors. However, homeowners can do some projects themselves. Some popular DIY (do-it-yourself) home improvements include painting, re-grouting tile, and power washing the exterior of the house.
Most Americans spend a lot of time at home, and so it makes sense that we would want to make our homes comfortable and appealing. But some home improvements can add more value than others, so it is important to research the cost and return on investment before beginning a project.
A homeowner can choose from a wide range of home improvement projects, including adding a deck or patio, putting in a new kitchen or bathroom, installing an energy-efficient furnace or air conditioner, or extending the living space into the attic. Other popular improvements include replacing the siding or windows, resurfacing the driveway, and putting in a fence.
Some projects add value more quickly than others, but the return on any renovation depends on many factors. For example, a master suite is likely to increase the value of a house more than an extra bedroom or bathroom. Likewise, improvements that are in line with the general look of the neighborhood will increase a house’s value more than one-of-a-kind additions that may turn off buyers.
The best way to know whether a particular home improvement will add value is to consult with a local real estate agent. He or she can provide information about which home renovations are most popular in a given area and which ones have the highest return on investment.
Many people renovate for resale purposes, but it is essential to consider your own comfort and enjoyment as well. If you remodel solely based on how much it will improve the resale value, you may end up with a house that doesn’t feel like your own.
In addition, when considering any type of home improvement, it is critical to remember that going into debt is never a good idea. This is especially true with major home improvements, such as a new kitchen or bathroom. It is better to save money and wait to complete these types of upgrades until you are ready to sell. This will also help ensure that you don’t overspend and end up with a home that is too expensive for your neighborhood. This could reduce your chances of selling the home in the future. Also, always consult with a home inspector before beginning any major home improvement projects to be sure that they are in compliance with local codes and regulations. This will save you a lot of time and trouble down the road. Also, don’t forget to include a contingency fund in your budget for unexpected expenses. These should be sufficient to cover up to 20% of the total project costs.