Home improvement is the process of modifying or altering the structure of a building, either in whole or in part. This includes construction, repair, maintenance, alterations, painting, decorating, and landscaping. It also includes the installation of insulation, appliances, air conditioning, heating, plumbing, and electrical systems. It does not include the construction of a new building or the addition to an existing one.
Home improvements are a great way to add value to your home and increase your enjoyment of it. However, it is important to remember that your home should be a place you want to live and not just something that will appeal to potential buyers if you ever decide to sell.
When it comes to home improvements, the bigger the project and more expensive the materials, the better your chances of getting a good return on investment (ROI). But a small DIY job like painting or re-grouting tile can have just as big of an impact on your home’s appearance, and may not break the bank.
The home improvement industry is a multibillion-dollar market, and has had excellent growth results in recent years. It is driven by consumer demand for improved home safety, comfort and security, as well as increasing energy efficiency. The industry consists of retail sales of hardware, home improvement products and supplies, and the contracting services of skilled tradespeople.
More time at home during the pandemic means more opportunities to take on home improvement projects. In fact, 3 in 5 homeowners have taken on projects since March 1 of this year, according to NerdWallet’s August survey. And they’ve spent about $6,438, on average.
Many people choose to upgrade their homes for resale purposes, or because they’re simply looking for ways to make their living space more comfortable. While a kitchen or bathroom remodel is an obvious choice, adding a bedroom, sunroom or a patio can also be a smart investment. These upgrades will allow you to enjoy your home more, and they’ll also help it sell faster when you’re ready to move on.
However, it’s important to keep in mind that some projects just can’t be put off. Deteriorating roofs, termite infestations and leaking pipes are all examples of repairs that can’t wait. In these cases, the longer you wait to address them, the more expensive they’re likely to become. And even simple repairs, such as fixing a leaky faucet, can end up costing much more than you expected.
It’s also worth mentioning that your neighborhood affects how much you can expect to get for your home improvements. So if you’re considering making changes to your home, talk to a real estate agent about what similar homes in your area have sold for recently. That will give you an idea of how much you can expect to get if you sell your home in the future. It’s also a good idea to get quotes from several contractors before starting a major project, so you can be sure that you’re paying a fair price.