Home improvement is the process of renovating or making additions to one’s existing home. It is done for a variety of reasons; to increase the value of the house, make it more comfortable to live in, or simply to improve the look of the property and landscaping. Home improvements may also be carried out to fix damage caused by natural disasters or accidents. It can be done by professionals or the homeowner themselves. A home improvement project can be anything from painting or replacing light fixtures to a complete kitchen remodel or new bathroom.
Most homeowners would agree that there are few things better than a fresh coat of paint or a beautiful hardwood floor. A well-designed landscape can also greatly enhance the curb appeal of a house. In fact, there is so much interest in home improvements that many homeowners are spending more and more money on projects that will add both beauty and value to their homes.
A recent study by Houzz and Home indicated that the average homeowner spent almost $30,000 on renovations in 2022, a significant increase over last year. However, these investments aren’t always guaranteed to yield a high return. Some projects, like sparkling bathroom overhauls and big-ticket kitchen or basement renovations, actually provide little in terms of resale value.
One reason why some home improvement projects fail to pay off is that they aren’t aligned with the needs and preferences of buyers. This can be true even of high-end home improvements, such as a master suite with walk-in closets and a dressing area. It’s important for homeowners to think about their future plans when carrying out home improvement projects, to ensure that the work is both functional and appealing.
It is also important for homeowners to budget their home improvement projects carefully. A survey by NerdWallet found that only 42% of homeowners who took on a project during the past two years said they were able to fund their projects without having to sell items or tap into savings or go into debt.
The definition of “home improvement” under federal law includes “the construction, repair, maintenance, alteration, conversion, remodeling, or improvement of any part or all of the interior or exterior of a residential structure.” This can include driveways, pools, fences, porches, and garages, as well as kitchens and bathrooms. It also includes the erection or replacement of any structure, including a fence, on land that is adjacent to a dwelling house.