Home improvement is the remodeling, repair, restoration, alteration or conversion of a building or room to make it more functional, more comfortable or more attractive. It includes a wide variety of work, such as adding rooms, repairing foundations, installing new kitchens and bathrooms, refinishing floors, and painting.
Many homeowners are investing more in home renovations, but not all projects will pay off when it comes time to sell. A master suite, family room or kitchen remodel are all popular upgrades that will increase your home’s value, but be sure to consult a real estate professional before undertaking a major project.
Small, inexpensive home improvement projects can also add value to your home. Replacing worn doorknobs, cleaning out gutters or power washing the driveway are all easy DIY projects that can give your home a fresh, updated look without blowing your budget.
Home improvements that increase a home’s energy efficiency can help lower utility bills, which will appeal to buyers. Installing new windows, a heat pump or extra insulation are examples of cost-effective upgrades that will save you money in the long run. The cost of these capital improvements can be added to your home’s cost basis or subtracted from the sales price when you sell, but some energy-saving improvements may also yield tax credits when they are completed.