Home improvement is a popular pastime for many homeowners and is a great way to make your house feel like your own. However, it’s important to understand which improvements will add value and which will decrease your house’s resale price.
The term “home improvement” refers to any renovation, repair or modification of a home or other residential structure. This includes work on the kitchen, bathroom, roof, driveway, windows, porch, and other areas of a residence. It also includes the erection or installation of fences, gates, garages, fallout shelters, and basements.
Homeowners may use personal savings, a home equity loan or a line of credit, or loans from friends and family to finance their renovations. However, borrowing money from lenders can lead to interest charges and fees that can significantly increase the cost of the project.
It’s also important to consider your motivation for making the upgrades. For example, if you’re planning to sell your home in the future, it’s best to stick with projects that are likely to appeal to the broadest range of buyers. That means skipping high-end upgrades like marble flooring and opting for quality mid-range items instead.
The home improvement industry has seen solid growth results in recent years, boosted by high consumer confidence and increased spending by new homeowners. But revenue growth is expected to slow down in 2024 due to stalled home sales, higher interest rates, and inflation.