Home improvement refers to the repair, maintenance, restoration, remodeling or modernization of residential real property. It also includes work done on the exterior of a building and the construction of driveways, fences, patios, porches, walkways, decks and other outdoor structures. Home improvements can be either cosmetic or functional and are generally carried out for the purpose of increasing a home’s value, improving its comfort, or both.
According to the latest research, homeowners in the United States spent over 50 percent more on home improvement projects in 2017 than they did in 2010. The biggest spenders were homeowners who are 55 or older, who accounted for 45 percent of total spending. The reasons for this increase are many, and they include a desire to add living space for the family, a need to update appliances and systems, or the fact that a home has been on the market for a while and is in need of some attention to help it sell.
When it comes to choosing home improvement projects, there are some things that will not produce a good return on investment. Some of these projects will actually decrease your resale value, so you should only choose them if you really want to do them and they are within your budget.
Another important consideration when it comes to home improvement is the safety factor. Always make sure that all necessary safety precautions are taken before starting any home improvement project, especially those that involve electrical works or plumbing. It is also a good idea to use contractors who have a track record of doing quality work and can provide references from previous customers.
The most popular home improvement projects include sparkling bathroom overhauls, kitchen upgrades and basement renovations. While these projects can improve a home’s overall appearance, they typically only deliver a 60 percent return on investment when it is time to sell.
Other projects that are surging in popularity include hiring landscapers, installing a fence and building a deck. These projects are typically less expensive than major kitchen and bathroom remodels, but they can add a lot of curb appeal to a house.
While there are many benefits to renovating a home, it is essential to remember that the primary reason for a homeowner to undertake a project should be for their own personal enjoyment and satisfaction. Renovating a home for the sake of resale is not an effective long-term strategy. A potential buyer may not appreciate the same things that you do, and he or she might not want to pay what it would cost to buy your old kitchen. Keeping these things in mind can help you avoid making renovation mistakes that will cost you money in the long run.