Home improvement, also known as renovation, remodeling or redevelopment, is a process of making changes or improvements to your existing home. These changes can be for a variety of reasons, such as enhancing the interior or exterior, adding space or repairing or updating parts.
The American Housing Survey (AHS) reports that from 2019 to 2021, US homeowners spent a total of $624 billion on home improvement projects. This figure includes all renovations and remodeling projects.
While many homeowners want to improve the appearance of their homes, a large number are also focusing on the practicalities and comforts. These projects can include things like plumbing, electrical work, roofing, drywall repair or installation, and more.
In addition to improving the appearance of your home, a good home improvement project can help increase your property’s value. For example, installing a new roof can increase your property’s resale value by up to 20%, according to the National Association of Realtors.
Before you embark on any project, make sure to take the time to research your options and find out what’s involved in each stage of the process. You can get tips from your local home improvement store or visit online resources that offer unbiased information on home improvements.
If you are going to be doing a lot of work on your home, you may want to consider a home equity loan or line of credit. These loans allow you to borrow money against your home’s value, usually repaid over 5-30 year terms through monthly payments.
However, this type of loan can be costly and requires high interest rates. Before you decide to apply for a home equity loan, you should have a budget in place. You should also have a clear understanding of what your renovation will cost and how long it will take to pay off.
When choosing a contractor for your home improvement project, always ask for references and be sure to check if they are licensed in the state you live in. This will prevent you from being ripped off and paying for home improvement work that you didn’t need.
Having a professional do the work can save you money in the long run. This is because professionals can provide quality services and materials that are guaranteed to last.
Before you sign any contract with a contractor, ask them for references from past customers. It is also important to ask if they are licensed and insured. This will help you avoid a potential lawsuit should something go wrong with your home renovation project.
A contract for any home improvement work should be signed and in writing. It should include the name and address of the contractor, a list of the services to be performed, a proposed timeline for the project, and a payment schedule. It should also have an arbitration clause in case of dispute.
The majority of home improvement projects involve building, modifying or remodeling your existing home’s interior. But some people will undertake improvements on their exterior, too, such as putting in a new driveway or adding a deck or fence.