Home Improvement 101

Home improvement is the work done to improve a house, and it encompasses everything from installing new floors to adding a deck. Whether you’re looking to increase your home’s value or simply make it more comfortable for your family, these projects can be expensive. That’s why it’s important to plan carefully and find the right contractors for the job.

The home improvement industry has seen excellent growth over the past few years. During the COVID-19 pandemic, many homeowners were forced to stay at home and took advantage of the opportunity to take on DIY projects that they may not have had the time or money for otherwise. This increased focus on improving their living space led to a boom in the home improvement market, with spending up 50 percent from its lowest point during the last recession.

This increase in remodeling is largely due to homeowners age 55 and older. They are the largest segment of homeowner remodeling activity, accounting for nearly half of all spending. The biggest driver of this growth is renovations and upgrades that are intended to increase a property’s energy efficiency. This is because these upgrades not only reduce energy costs, but they are also expected to add value to a property in the long run.

Unfortunately, not all home improvements offer the same return on investment. Some will actually decrease a property’s value, and others will only recoup a small percentage of their cost. It’s important to understand the difference between making a financial gain and increasing your home’s value before starting a project.

While some home improvements may not provide a high ROI, there are still plenty of projects that will pay off in the long run. For example, adding a new bathroom or kitchen can be very affordable if you opt for midrange fixtures. In addition, adding an extra bedroom or bathroom can be a great way to increase the amount of usable space in your home.

However, it’s always a good idea to choose the improvements that will best suit your personal lifestyle. If you are planning on selling your home in the future, be sure to consult a real estate professional before making any major improvements. This will ensure that the changes you make are consistent with the style and value of nearby properties. In addition, don’t go too far out of the ordinary—an unusually extravagant renovation can turn off potential buyers. And don’t forget, going into debt is never a good idea—interest rates are often much higher than the cost of the project itself. If you can, try to save up the funds for your renovation or opt for a low-interest loan instead.

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