Home improvement is the process of repairing or improving the interior and exterior of a house. Home improvement projects can include anything from replacing light fixtures to adding a deck. While the majority of home improvement projects focus on aesthetics, there are a number of ways to increase a home’s value and efficiency.
In fact, many of the top home improvement projects on the Cost vs. Value list also add to a home’s energy efficiency. For example, installing a smart thermostat can help homeowners save money while increasing a home’s energy-efficiency rating. Other home improvements that improve a home’s efficiency include replacing old, leaky windows and upgrading insulation.
Despite a cooling of home improvement spending, nearly all homeowners are planning at least one project in the next two years, according to NerdWallet’s latest Home Improvement survey. However, just 20% of those who are considering upgrades say they plan to make their home more attractive to potential buyers. The rest cite personal satisfaction or making their home more comfortable as their motivation.
A home is a place to live, but it’s also a big investment that can provide long-term security and comfort for its residents. That’s why it’s important to do home improvement projects that will add the most value, not just boost your own enjoyment of a property.
It’s also crucial to have a clear understanding of the difference between remodeling and renovating. A remodel can be as simple as installing a new shower in an existing bathroom, while a renovation can involve much more extensive work, like restoring an original home’s structure or character.
Whether you’re an experienced DIYer or just starting out, it’s essential to follow basic safety rules when working on any home improvement project. Attempting a project without the proper tools or knowledge can lead to injury or property damage. So be sure to take precautions, especially when working on electrical or plumbing projects. And never skip routine maintenance, as it can prevent small problems from turning into major repairs down the road.
Home improvement can be a great way to add value to your home, but it’s also an excellent opportunity to get some valuable skills and experience. If you’re not an experienced DIYer, consider asking a friend or neighbor to let you shadow them on a project. They’ll be happy to teach you the ropes and give you tips on how to avoid common mistakes.
Fewer than half of homeowners who took on a home improvement project in the past two years were able to afford to do so without tapping into savings, selling items or going into debt, NerdWallet found. But many of those who did successfully fund their projects were able to do so by carefully planning, saving and prioritizing. It’s also critical to choose projects that aren’t overly personalized or out of line with the style and value of other homes in your neighborhood.