Home improvement, also called renovation or remodeling, is the process of upgrading a residential building. These projects may include adding or improving kitchens, bathrooms, and bedrooms; changing or repairing flooring, ceilings, walls, and paint; adding windows or doors; or putting in new electrical or plumbing systems. Home improvements can increase the comfort, beauty, and value of a home. They can also make a home safer and more energy efficient. In some cases, home improvements can also be tax deductible.
While it’s possible to do many home improvement projects yourself, some jobs require professional help — such as wiring or installing heat systems. Before starting a project, consult with experts to determine whether it’s something you can safely do or not.
Home improvements can be expensive, especially if they’re more extensive than expected. However, a careful plan can keep costs under control and reduce the risk of surprises. In fact, the September NerdWallet survey found that 80% of homeowners stick to the budget they set for their home improvement projects. If you’re worried about overspending, consider a contractor-arranged financing option like home equity loans or credit cards. These options are more flexible than traditional mortgages and can help you avoid paying interest on the work you’re not yet done with.
