Home improvement is the process of improving and repairing a house or other building. It is an activity that usually involves a construction project, such as adding or remodeling rooms, but can also include simpler activities, such as painting or cleaning. There are a number of different ways to improve a house, including through DIY projects and the use of contractors.
Homeowners reported spending $522 billion on projects last year, according to the American Housing Survey. Aging homeowners have fueled much of this growth, with those 55 and older responsible for half of all renovation spending in 2017.
Some projects are cheap and easy but can add big value to your house. For example, replacing worn doorknobs or a fresh coat of paint can make a room feel new and improved. Similarly, energy-efficient home appliances and insulation can save money on utility bills and add value to your house.
However, it is important to consider your budget before embarking on a home improvement project. Putting yourself in debt over a major renovation can be stressful and even dangerous for you and your family.
In addition, it is a good idea to talk with a real estate professional about which projects will be the most cost-effective and likely to increase your home’s value. If you are renovating to sell, it is crucial to ensure that the improvements you make will appeal to a wide range of potential buyers. Unless you are a professional contractor, it is best to stick with smaller projects that can be completed easily by yourself.