Home improvement, the act of enhancing a house and its property, is an essential part of homeownership. Not only does it help the home owner in terms of comfort, but it also increases neighborhood standards and ultimately adds to the overall property value of the entire community. However, homeowners should always consider their budget and the return on investment before undergoing any major renovations.
When deciding on which projects to take on, many homeowners turn to the internet for information and inspiration. In fact, nearly half (48%) of the people surveyed say that they first look online for tips and ideas before taking on a home improvement project. Other popular sources include books, magazines and friends with experience in home renovations.
Interestingly enough, when it comes to the reasons for undergoing home improvement projects, most of those surveyed cite that they are doing so to improve their living conditions (36%). Another 27% say that they’re doing so because they are preparing to sell their home. This trend is particularly prevalent among men, who are more likely than women to be undertaking these projects in order to prepare their home for sale (29%).
Another big reason homeowners choose to work on home improvements is because they want to enjoy the benefits of a more comfortable and functional living space (23%). In addition, a third (33%) of the people surveyed say that they are working on home improvement projects simply to stay current with the latest trends and styles in their homes.
According to the 2021 American Housing Survey, the most popular home improvements are kitchen renovations and bathroom remodels. Other popular renovations include security system installations, garage door installation and backyard landscaping. Anderson notes that while the number of remodeling projects has slowed down since the height of the pandemic, rock-bottom interest rates are making it more affordable to finance these upgrades.
Despite the slowdown in remodeling projects, most homeowners are still optimistic about their ability to pay for them without tapping into savings or going into debt. About a quarter (25%) of the people surveyed by NerdWallet report that they were able to successfully fund their remodeling projects without going into debt or sacrificing any other aspects of their lives.
When choosing which upgrades to undertake, keep in mind that high-end upgrades may not add as much resale value as midrange upgrades. Additionally, it’s important to stick with projects that are consistent with the overall design of your home and your neighborhood. For example, if most of the houses in your neighborhood have pooled pools, then adding one to your backyard might not be a good idea. Finally, before starting any major renovations, it’s always a good idea to consult a real estate professional to see what upgrades will actually increase your home’s value and appeal to buyers. Then you can rest assured that your home improvement investments are well-worth the money.
