Home improvement is the process of renovating or making additions to one’s residence. The goal of home improvement is to increase the overall comfort and value of a house. This can include a range of projects, such as painting, flooring, lighting fixtures and other aesthetic elements. Home improvements can also be more significant, such as adding an extension or replacing the roof.
The home improvement industry has enjoyed robust growth in recent years. This is especially true during the COVID-19 pandemic, with many Americans investing to make their homes safer and more functional. The industry encompasses the sale of building materials, appliances and other products as well as the services of contractors, tradespeople and others who help to improve or modify a residence.
It’s important to remember that not all home improvement projects add value. Some, in fact, may even decrease a home’s resale value. To avoid this, homeowners should focus on projects that are both cost-effective and likely to appeal to the majority of potential buyers.
Moreover, homeowners should consider how long they plan to remain in their home before pursuing any major renovations. For example, replacing a bathtub with a walk-in shower may not be worth the expense if you plan to sell soon. In addition, it’s advisable to stay within your home’s market price range when making upgrades. For instance, a kitchen remodel that costs more than similar updates in the neighborhood will not attract as many interested buyers.