Home Improvement – Add Value to Your Home and Improve Your Home’s Curb Appeal

Home improvement is the repairing, remodeling, altering, converting, or modernizing of a residential building. It is not to be confused with commercial or industrial building. Unlike new construction, home improvement involves work on existing rooms, such as kitchens, bathrooms, and bedrooms. These renovations can add value to a house or condo and also improve the quality of life for its residents. In addition, it can increase the curb appeal of a home.

A common home improvement is replacing carpet with hardwood or tile. Another popular project is adding a new bathroom or laundry room. Other projects include installing a fence, adding a deck, painting the exterior of a house, and replacing windows. These projects are often considered minor home improvements, but they can significantly impact a homeowner’s enjoyment of their home and property.

Before the pandemic, many homeowners were planning to remodel their homes, based on research from the National Association of Realtors (NAR). The 2022 Remodeling Impact Report showed that 83% of homeowners who renovated during this time said they did so because they needed to replace worn out surfaces, materials and fixtures; wanted to add features or improve livability; or were simply inspired by the idea of a new design.

The NAR study found that 69% of homeowners reported increased satisfaction with their home as a result of the upgrade, and 74% agreed they were happier living in their upgraded home. However, the NAR report did note that some homeowners overestimated how much certain projects would cost. This is why it’s important for consumers to do their homework when it comes to figuring out the total cost of a project. A good place to start is with the contractor or aggregator’s website, which should display their license and insurance, as well as provide customer referrals and other details about the business.

According to the Joint Center for Housing Studies of Harvard University (JCHS), home improvement spending peaked in 2022 and is expected to decrease slightly in 2024. The decline is attributed to a slowing housing market, rising labor costs, and continuing supply chain problems. Still, homeowners remain eager to make improvements, with a majority of survey respondents reporting having done so over the past two years.

It’s important to remember that not all home improvement projects are created equal, and the amount of money you spend on a project may not be returned when it comes time to sell. It’s also important to make sure the improvements you’re making are necessary. For example, a poorly-insulated home or a home with a dated interior are likely to lower your sales price. Also, it’s best to stay in line with the styles and values of similar houses in your area. Trying to make your home stand out too much can turn off potential buyers and reduce the likelihood of your home selling for its full value. Finally, it’s always a good idea to invest in energy-efficient upgrades. These projects will pay off in the long run with reduced energy bills and a more environmentally friendly home.