Home improvement is an industry that includes companies that offer building materials, appliances, decor, and other home enhancements, as well as contractors, tradespeople, and others who help homeowners make improvements. Home improvement projects and repairs can increase a property’s resale value and can also improve the quality of life for the homeowner.
Some home improvement projects can be done without hiring a professional. Painting, re-grouting tile, or power washing the outside of the house are easy tasks that can significantly increase your home’s value. However, it’s important to consider your level of skill and to avoid attempting any project that could be dangerous or require a licensed professional to complete.
The most popular home renovation projects include adding a master suite (bedroom, bathroom and closet), renovating the kitchen, and adding a garage. In addition to improving your home’s resale value, many of these projects can also help you save on energy bills.
According to the American Housing Survey, most homeowners fund their home renovation projects with cash from savings or a mortgage refinance. Other common sources of funding for home improvement projects include credit cards, personal loans, or contractor arranged financing.
While some home improvements are meant to boost a property’s resale appeal, there are others that can actually decrease its value. Before you decide to renovate your home, determine why you want to do it and discuss your plans with a real estate agent to ensure that any planned changes will be worthwhile.