Home improvement is the remodeling, altering, repairing, renovating, painting, restoring, moving, and making additions to a residential or noncommercial property. It also includes the installation of heating, ventilating and air conditioning systems, insulation, window treatments, doors, carpeting, appliances, electrical devices, plumbing fixtures, roofing, siding, and any other improvements.
A successful home renovation project will increase a homeowner’s happiness with their living space and the overall value of their property. However, homeowners should carefully consider the cost recovery and resale potential of any improvement project before beginning work.
While there are many benefits to home improvement, the costs can quickly add up and lead to debt if not managed wisely. To avoid this, it is important to know how to finance home improvement projects and to be aware of the risks associated with credit card loans and mortgage refinancing.
Many homeowners upgrade their homes during the pandemic to keep up with modern trends, improve their living space, or enhance their curb appeal. Regardless of the reason, according to NAR’s 2022 Remodeling Impact Report, 74% of surveyed homeowners reported increased satisfaction with their homes after undertaking home improvement projects.
Adding a new bathroom or great room will not only add value to your home, but it can make the whole family happier and more comfortable as well. However, homeowners should be careful not to overdo it, as a home that is too personalized or out of character with the neighborhood could deter potential buyers.