What is Home Improvement?
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Home improvement is a wide term that includes any work to improve the interior or exterior of your home. It can also be work to make your home more energy-efficient, or to change its functionality in some way. This is different from property maintenance, which is generally considered to be any upkeep or fixes to your home that don’t require significant remodeling, such as painting a room or replacing a light bulb.
Home improvements can be a great way to add value to your house, or simply to make it feel more like your own. However, it’s important to keep in mind that not all improvements will have the same return on investment, and you should always try to make upgrades that are within your budget and will fit well with the overall style of your home.
One common mistake homeowners make is spending money on expensive materials without factoring in the cost of labor and other factors that can impact how much a project will actually end up costing. This can lead to overspending and, worse, debt. Taking on debt for home improvement projects is never a good idea, especially since you’ll be paying thousands of dollars in interest in addition to the cost of the actual renovation itself. Plus, you won’t even own those new renovations once the mortgage or loan is paid off.
Some of the most popular home improvements are kitchen and bathroom remodels, adding a bedroom or bath, and upgrading the heating, ventilation and air conditioning (HVAC) system. Some of these projects can be very costly, but they will help to increase your home’s resale value and can make it more functional and comfortable for you and your family.
However, major home improvement projects have been cooling off recently. According to Lowe’s and Home Depot, the home renovation frenzy that started in 2020 has slowed down significantly. The reason behind this is likely because of rising prices. Consumer prices have been rising faster than wages, causing many people to pull back on the more ambitious home improvement projects.
Despite this, most homeowners are still planning some sort of home improvement project in the near future. In fact, according to a recent NerdWallet survey, 95% of homeowners plan to do a home improvement project in the next two years. The most popular projects are painting rooms and updating light fixtures, but about half of these homeowners are considering something larger, such as adding a bedroom or renovating the kitchen.
It’s important to remember that not all home improvements will increase your home’s resale potential. Some improvements may be too personalized or over-the-top, which can turn off potential buyers. It’s also important to avoid improving your home so that it stands out above the rest of the neighborhood in a negative way. It’s best to stick with a more neutral, classic look that will appeal to a wider range of buyers.