Home improvement is the process of repairing, remodeling or renovating a home. This can include adding on, upgrading or replacing features like windows, doors, roofs and floors. It can also include landscaping and constructing fences or decks.
Home improvements can be expensive, so it’s important to research the projects you’re considering carefully before you start swinging hammers. Then you can make sure you’re getting the most bang for your buck. You can ask friends and neighbors about their experiences with certain home renovations or read online reviews of contractors before hiring them. You can also find a lot of helpful advice from TV shows like Fixer Upper or This Old House.
The most popular home improvement projects are kitchen and bathroom remodels. Whether you want to update your cabinets, replace your countertops or add a new sink and tub, these projects can increase the value of your home. Other high-demand home improvement projects include installing a new front door, putting in a backyard deck and refinishing hardwood floors.
According to the National Association of Realtors, after completing one home improvement project, 86% of homeowners felt inspired to continue renovating their houses. In 2024, these renovations included updating kitchens, bathrooms and garages, and adding outdoor living space such as patios or sheds. Some of these projects also involved addressing damage from natural disasters or storms, such as a flooded basement or wind-blown debris.
If you can’t afford to pay for a major renovation with cash, you can get a home improvement loan. These loans are backed by your mortgage and have lower interest rates than other credit products. Another option is to take out a line of credit on your home’s equity, which is the difference between your current mortgage balance and the market value of your property.
Despite the slowdown in new construction, home improvement activity remained robust during the recession. This is likely due to low interest rates and a pent-up demand for upgrades from homeowners who put off projects during the downturn.
As the economy picks up steam, it’s expected that more people will hire home improvement professionals to tackle larger renovation projects such as adding an addition or converting a garage into a living space. But it’s also important to remember that not all home improvements will make your house worth more money.
For example, investing in a home recording studio may not appeal to potential buyers who have young children. Similarly, overly customized home renovations will likely detract from resale value. If you’re planning to sell your house in the future, consider talking to a real estate agent before you begin any costly home improvements. They can help you determine which projects will boost your home’s resale value. And which ones are just a waste of money.