Home improvement is the practice of making upgrades to a house, such as adding new rooms or remodeling existing ones. This can include everything from a small paint project to a complete kitchen remodel. The home improvement industry includes the sale of building materials, appliances and accessories for renovations as well as the labor and services of contractors and tradespeople to perform the work. It can be a great way to add value to a property or simply make it more comfortable and appealing for the homeowner while living there.
The home improvement industry has enjoyed solid growth results in recent years. This has been driven by a number of factors, including rising housing prices that have increased the amount of equity available for home improvement loans as well as aging homeowners who are more financially equipped to undertake renovations. The COVID-19 pandemic also helped boost home improvements spending as people made repairs to their homes in order to stay safe and healthy.
Many home improvement projects offer a strong return on investment for the homeowner, but it’s important to consider how the changes will affect resale values before starting any major renovations. Some improvements are likely to detract from the resale value of a property, while others will increase it. A primary suite, such as a master bedroom with a private bathroom and walk-in closet, is an example of a home upgrade that will attract more buyers and result in a higher sales price.
It’s also important to carefully select projects for their cost, scope and the amount of time required to complete them. A large number of companies offer a variety of home improvement services, but consumers should ensure that they are licensed and insured. They should also check references, obtain a copy of the contract and ensure that all payments are made on time. It’s also a good idea to choose contractors that are members of a professional organization or have an established business location.
One of the biggest mistakes that homeowners can make is overspending on home improvements. Going into debt to finance a home renovation is never a good idea, and it can lead to financial distress if the project takes longer than expected or if you find yourself struggling to make the monthly loan payment.
A final note: It’s important to consult with a real estate agent before undertaking any major home improvement projects. They can advise you on what projects will likely add the most value to your property and help you avoid costly mistakes. Be sure to talk to the agent about any planned improvements that might impact resale value, such as a high-end hot tub or fountain that may not appeal to a wide range of potential buyers.
Spruce up your curb appeal with a fresh coat of paint or some landscaping. Add a bright welcome mat to your front door, and don’t forget to dress up the entryway with some potted plants and a bold door color.