Home improvement is the process by which homeowners renovate and improve the interior and exterior of their homes. This may include changing the appearance of the house, such as adding new rooms or refinishing existing ones, making structural changes to the home, or installing an entirely new roof. Home improvements are often expensive, but they can also increase the value of a home, and they can improve its functionality and safety. Homeowners typically use professionals to do home improvements, but they can also try DIY projects.
During the two-year period covered by the 2021 American Housing Survey, homeowners completed more than 135 million home improvement projects. The total value of those projects was $624 billion. This was a doubling of the previous 10-year record for both the number of projects and spending. While some people believe that this dramatic increase was due to a housing market boom, experts say it was mostly the result of higher prices for materials and labor.
In addition to enhancing the comfort and function of a house, home improvements can raise neighborhood standards and increase property values. They can also create jobs and provide a source of revenue for local businesses. This makes them a good investment in the economy, and it’s important for homeowners to consider these benefits when deciding which projects to undertake.
Many homeowners are undertaking bigger renovations during the current economic recovery, which is helping to boost housing sales. However, fewer than half of homeowners surveyed by NerdWallet said they were able to afford the majority of their planned home improvements without having to tap into savings or go into debt. The reason behind this is that the costs of materials have risen, and homeowners are paying more for services such as plumbing and electricity.
The most popular home improvement project is replacing the front door, according to a recent report from the National Association of Realtors (NAR). It can be an inexpensive way to instantly add curb appeal and boost your property’s security. Other high-value home improvements include installing a new bathroom or kitchen, and updating the flooring.
It’s important to remember that not all home improvement projects will pay off when it comes time to sell your home. Only about 20% of the home owners who plan to make upgrades say they are doing it to increase their home’s resale value. Most are just trying to make their home more comfortable and appealing for themselves.
For this reason, it’s smart to think about how long you want to stay in your house before you start any major renovations. If you’re not sure, it may be better to wait until the economy improves and interest rates go down. This will give you more time to save money and pay down debt. Also, it will give you more time to decide whether a renovation is the right move for your family. And it will help you avoid costly mistakes down the line.