Home improvement is a term used to describe all kinds of renovations done to a home. It can range from simple repairs to major renovations that can increase the value of your home, such as adding a swimming pool or refinishing floors.
Almost all homeowners plan to take on some home improvement projects in the next two years, according to NerdWallet’s 2018 Homeowner Survey. Many of them are planning small projects, like painting a room or updating light fixtures. But a growing number of them are also considering bigger changes, such as renovating a kitchen or bathroom.
What to expect when you remodel your home in 2023
In 2023, experts predict that more homeowners will update their homes to make them more energy-efficient. This will help save them money on their utility bills, which is especially helpful during times of high inflation.
Some homeowners may be able to pay for their home renovations using cash, while others will need to tap into emergency savings, take out loans or borrow against their homes’ equity to fund the project.
The amount of home improvement projects that are DIY versus professional is a major factor in how they’re funded. In the most recent survey period, 39% of home improvement projects were done by do-it-yourselfers, compared with 37% in the previous two-year period.
What to avoid when you upgrade your home in 2023
Some home improvements can actually decrease the value of your home. This includes things that are considered personalizations, such as unique or lavish lighting fixtures, says Gordon Steckel, a real estate attorney in New York.