Home improvement is a common and ongoing process that improves the function and appearance of a house. It may be a DIY project, such as installing a new light fixture or painting a bedroom. Or, it could involve a more extensive renovation or remodel such as adding an addition or updating the kitchen or bathroom. The goal is to make the home more enjoyable and functional for its current residents. In the long run, it can also increase the resale value of the property.
Some home improvements are urgent and must be addressed immediately, such as a leaking roof or mold in the walls. Other projects are a result of the aging or lifestyle of the homeowner and can be done to improve comfort, functionality and the visual appeal of the property. Still, others are done to boost a home’s resale value or to accommodate a family member with special needs.
Many people take a hands-on approach to home improvement and try to do as much of the work themselves as possible. However, it is wise to enlist the services of professionals for tasks that require electrical or plumbing work or that involve cutting through a wall. It is also wise to consult with a Realtor before beginning any major remodeling project to determine which improvements will add the most value to the home.
The Home improvement industry is a multi-billion dollar sector that encompasses the sale of building materials, appliances and decor to homeowners along with construction and renovation services. This industry has seen excellent growth results over the past few years, especially during the COVID-19 pandemic when it benefited from increased spending on home repairs and upgrades.
Almost three-fourths (74%) of homeowners who have taken on home improvement projects in the past two years report that they were “easily able to pay for them without tapping into savings, going into debt or making sacrifices,” according to the NerdWallet survey. Some homeowners are able to save the funds to cover a home improvement project upfront, but for those that cannot, financing options such as a home equity loan or line of credit are available.
While it is true that some home improvement projects add a high return on investment, in general the average ROI is less than 100%. This is because most homeowners spend more on the projects than they recoup when they sell their home. However, there are some projects that do have a positive impact on the ROI, such as replacing old and worn windows or installing a modern heating system. Ideally, a home owner will wait to complete any significant and expensive home improvement projects until they are ready to sell their property. Then they will have the time to complete a project that will maximize their home’s resale value. For those interested in watching the original Home Improvement, it was re-aired on ABC from February through March of 2003. Tim Allen, Richard Karn and Casey Sander reunited for the special and shared their favorite clips from the show along with some behind-the-scenes tips.