Home improvement is the construction, repair, replacement, alteration, remodeling, renovation, modernization, or addition to any land or building used or designed to be used as a home or dwelling. It includes, but is not limited to:
A lot of people renovate their homes in an effort to make them more comfortable and appealing to buyers. However, it’s important to weigh the pros and cons of each project carefully. Some upgrades can be quite costly, and they may not add a great deal of value to your home when it comes time to sell. If you’re not sure what types of improvements are a good investment, speak with a local real estate agent.
Generally speaking, most homeowners use cash to pay for the majority of home improvement projects, according to data from the 2021 American Housing Survey. To fund the work, 14% of homeowners tapped into or exhausted their emergency savings, and 12% took out loans or credit card debt.
The most common improvement projects include adding storage spaces, such as closets, shelves, and under-stair storage, and installing new lighting fixtures and appliances. Many homeowners also renovate their bathrooms, kitchens, and basements.
Other popular home improvements include increasing the energy efficiency of a home by installing a new furnace, heat pump, or insulation. This upgrade can significantly decrease your home’s energy costs, and it will make it more attractive to prospective buyers if you decide to sell. Many homeowners also renovate their yards by adding a deck or patio, as well as planting trees and shrubs.
