Home improvement, also known as home remodeling or renovation, is the process of improving the interior and exterior of a home. This includes a variety of projects, such as painting, flooring, roofing, siding and more. Home improvements can make a home safer, more energy-efficient and aesthetically pleasing.
Some common home improvements include replacing windows, adding doors or upgrading the kitchen. Some people also add outdoor living spaces such as decks and patios. Home improvements can be expensive, and it is important to consider the return on investment (ROI) before starting any project.
A home improvement contractor is a professional who performs home improvements. They often have a license and insurance, and they can be found through local referral services or online. Homeowners should always check a potential contractor’s credentials before hiring them to work on their homes. This includes checking their license and insurance, as well as requesting references and reading reviews. A homeowner should also look for contractors who are members of a trade association and/or accredited by a professional organization.
One of the most popular and cost-effective home improvements is to install a new front door. According to the National Association of Realtors, this upgrade will provide a high ROI of 78%. Other high-return home improvements include a kitchen remodel, hardwood floor installation and upgrading the bathroom.
The biggest reason for homeowners to renovate is to increase the enjoyment of their homes. According to the NAR, 83% of respondents reported increased satisfaction with their homes after completing a remodeling project. Other motivating factors included adapting to lifestyle changes, such as accommodating aging parents or caring for children with special needs; and wanting to update outdated surfaces, finishes, and materials.
Another common motivation for home improvements is to increase the resale value of the property. However, when deciding on which projects to undertake, it’s important to weigh the costs and benefits against the current market conditions and neighborhood values. For example, a lavish backyard pool or hot tub may not add much value to your home if other homes in the area have modest pools and landscaping.
It’s also a good idea to talk to a real estate agent before undertaking any major home improvements. They can offer advice on which projects are likely to pay off when it comes time to sell, and help you avoid spending money on upgrades that will not add much value to your home.
Finally, it’s important to stay within your budget and avoid going into debt when making home improvements. Many projects can quickly add up, and paying interest on those loans will not help you build equity in your home. Instead, save up and do the projects you really want to do. If you must take out a loan, opt for the lowest-interest option available and try to keep payments as low as possible. That way, you’ll be able to enjoy your improvements without worrying about the impact on your wallet.