Home improvement is a term that refers to any renovation or modification of the structure and features of a home. This includes the addition of new rooms, such as a new bathroom or kitchen, as well as changes to an existing room, like painting or refinishing wood floors. This category also covers work to maintain and improve an existing home, such as fixing leaky roofs or upgrading electrical systems. The home improvement industry has seen great growth in recent years. This is partially due to the COVID-19 pandemic, which drove homeowners to upgrade their homes and stay in them during lockdown, but it also has to do with low interest rates and the desire for a better, more functional living space.
The most popular home improvements are kitchen and bathroom remodeling, followed by landscaping and deck construction. These projects typically have the highest cost recovery at resale, and they also usually increase a homeowner’s joy score significantly. Other high-return projects include replacing a front door, adding a fence, and making energy-efficient upgrades.
There are many companies that specialize in home improvements, including chain stores and independent contractors. The latter are often more expensive than the chains, but they tend to be reliable and stand by their work. They may also offer a variety of different financing options to fit the needs of different homeowners.
However, many homeowners may choose to do some of their home improvements on their own rather than hire professionals. This can save money, and it can be a great way to get in touch with your creative side. However, it’s important to be aware of potential safety hazards when working on your own home improvements.
It’s also important to know that not all home improvements are good investments. Some projects have a negative return, or they can even devalue your home. This is why it’s crucial to do your research and find the best project for your budget and lifestyle.
While many homeowners are happy with the home improvements they have made, others are looking for ways to make bigger renovations. If you need help funding your next big home improvement, you can always apply online for a cash-out refinance to get a lower interest rate and free up some equity in your home.