Home improvement is any renovation of the home that enhances its aesthetic, structural or functional elements. This includes interior renovations such as painting, carpeting, flooring, light fixtures, window treatments and countertops. It also encompasses exterior improvements like adding a deck, installing a fence or replacing siding and windows. Home improvements can also be energy-efficient projects such as replacing old windows, a heat pump or adding insulation. They can increase the resale value of your home and save you money on utility bills in the meantime.
Some home improvement projects can’t be put off, such as a leaking roof or termite infestation. Hiring an inspector to identify potential problems before they worsen can help you budget wisely and prevent costly repairs in the future.
Other reasons to renovate include improving the home’s resale value or making it more enjoyable for the family living there. A new kitchen or bathroom can make a huge difference. Energy-efficient upgrades like a heat pump, new windows or increased insulation can help lower bills and improve resale value.
Many homeowners rely on savings to pay for home repairs or improvements. But some opt for a cash-out refinance, home equity loans or contractor-arranged financing. Some even use credit cards for high-dollar projects. But going into debt isn’t a good idea for any kind of home improvement, especially if you plan to sell your house soon. Instead, choose a reasonable project that fits your budget and consult with a real estate professional before you start any work.