Home improvement refers to any type of renovation, repair or alteration that improves the functionality, appearance or structure of a residential dwelling. It can include a wide variety of projects, from fixing a leaky faucet to installing a new kitchen or bathroom. In addition, it can also mean improving the landscaping or adding features to the home that make it more energy-efficient.
According to the National Association of Realtors (NAR), many homeowners increased their renovation spending during the pandemic. However, the reason behind this increase may not have been solely due to the pandemic, as homeowners cited other reasons for their upgrades. Some of these reasons included replacing worn-out surfaces, finishes and materials (30%), increasing enjoyment of the home (39%), enhancing the livability (20%) and adding features and improvements (16%).
When considering any home improvement project, it’s important to first assess your budget and prioritize your needs versus wants. This will help you avoid spending more than you can afford to pay back. In addition, it’s always a good idea to speak with a real estate professional before making any major renovations.
Depending on your financing needs, you may be able to use cash savings or take out a personal loan. It’s also a good idea to compare rates, terms and qualifications for different lenders before making any decisions. Finally, don’t forget to factor in the time and energy needed to complete the project before committing to it.