Home improvement is anything done to enhance the value of a home, including but not limited to: remodeling and renovating, installing new carpet or paint, fixing plumbing or electrical problems, adding decks or porches, etc. Many of these projects are completed by professional contractors, but some can be accomplished as DIY (do-it-yourself) projects.
Homeowners are spending more money and putting in more time to improve their homes, and they’re finding greater satisfaction in their work and in the results of their efforts. The pandemic hasn’t deterred people from investing in their homes, and real estate professionals say renovations will continue to be a driver for the housing market in 2022.
Some of the most popular home improvements are those that make living more comfortable, such as updating kitchens and bathrooms, replacing worn doorknobs or repairing dripping faucets. In addition to boosting your comfort, these upgrades will also increase the value of your home, making it easier to sell when the time comes.
If you’re planning to put your house on the market in the near future, you should talk to a real estate agent about what changes will add the most value to your home. They can also help you avoid any high-end upgrades that might turn off potential buyers or make your home hard to sell. For example, a swimming pool in a backyard may not appeal to everyone, and an overly luxurious bathroom could be a turnoff for someone looking for a practical space.
The dictionary defines home improvement as any renovation, remodeling, upgrade or repair that is made to a residential property. However, every state has its own regulations and definitions for what qualifies as a home improvement. For example, in New York state, if you hire someone to paint your house or do landscaping it does not count as a home improvement unless you provide documentation that it is a capital improvement project.
For homeowners, there are a number of ways to fund home improvement projects, including saving for them and taking out a loan or credit card. Because these projects can have a significant impact on your home, it’s important to do your research and find a reputable contractor. You can look for one through a referral from a friend or family member, or check online reviews. It’s also a good idea to get estimates from several contractors before deciding on which one to hire.
Whether you’re planning to sell your house or just want to make it more comfortable, there are a variety of home improvement projects that can add value and function to your living space. The best way to pay for these renovations is by saving up the money or getting a home renovation loan. You can choose from a variety of options, such as secured loans from Fannie Mae and the FHA or a home equity line of credit, which is a revolving line of credit backed by your home’s equity.
