Home Improvement – Adding Value to Your Home
Home improvement is any type of renovation or repair that increases the value, functionality or comfort of your home. This includes but is not limited to painting, paving and driveway work, adding or replacing windows or doors, landscaping, resurfacing your deck, pool or porch, and building additions like garages and fences. It can also include more significant remodeling projects such as a new kitchen or bathroom.
While some home improvement projects are a necessity (like repairing a leaky roof or renovating the basement to accommodate a family growing in size), others are more of an investment, designed to add resale value. The key is to choose wisely, focusing on the types of upgrades that will appeal to a wide range of potential buyers. It’s also important to stay within budget and not over-spend.
Some of the most common home improvements are refreshing shower areas, laying new tile, replacing vanities and toilets and refinishing hardwood floors. When choosing fixtures and finishes, stick to midrange options: high-end products may look great but are less likely to be appreciated by a wider audience. A popular house renovation is turning a spare bedroom into a master suite complete with a private bath and walk-in closet.
Home improvement spending is up, with 115 million projects completed in the past two years, according to data from the American Housing Survey. And 80% of homeowners tell NerdWallet that they typically stick to the budgets they set for these projects.