Home improvement is the renovation of residential homes, including kitchens, bathrooms, basements and more. The goal of home improvement is to upgrade the living space, but some projects also improve resale value or make a home more energy efficient. Some projects are simple and inexpensive, while others are major and expensive. Many projects are best left to the professionals, but some can be completed by homeowners with the right tools and instructions.
The postwar era saw a huge increase in home improvement as returning veterans embraced a newfound freedom to spend time at home and the availability of government mortgage insurance programs encouraged housing construction and expansion. During this period, home-center chains like Lowe’s and Home Depot became increasingly dominant in the industry as they shifted their focus from contractors to DIY customers, empowering homeowners with do-it-yourself (DIY) projects that could be accomplished without hiring expensive help.
Some home improvements are essential for safety reasons, such as replacing faulty electrical wiring or fixing roof leaks. While these projects may not add much resale value, they are important to keep your family safe and prevent costly repair bills in the future.
Other home improvement projects are made primarily for aesthetics, to enhance the home’s appearance. Painting walls, refinishing wood floors and adding window treatments are some common ways to freshen up a home’s interior. However, it’s important to avoid going overboard on trends to prevent your home from looking dated and out of style when it comes time to sell.
A number of projects have the potential to significantly increase a home’s resale value, such as adding an extra bathroom or bedroom. However, it’s important to discuss any significant changes you are considering with your real estate agent before undertaking them. They can advise you on what improvements are most likely to appeal to a buyer, as well as which upgrades will have the greatest return on investment.
One of the most popular home improvements is upgrading the kitchen. New appliances, flooring and countertops can have a big impact on the home’s resale value. However, it’s essential to work with a knowledgeable kitchen designer and avoid making overly expensive or trendy choices that can quickly depreciate in value.
Some home improvement projects are not only cost-effective but can also save you money on your taxes. For example, adding insulation, converting an attic into a bedroom or installing new windows can all save you money on your heating and cooling costs. It’s also worth researching the different tax credits available for homeowners to find out what deductions or credit you might qualify for.