Home improvement is the process of improving a residential property, either by repair or renovation. Generally, the work is carried out by contractors. There are many types of home improvements, from a minor paint job to the addition of an entire room. Home improvement projects can increase a home’s resale value, add comfort, improve safety and security, or simply update the property. The term is also used to refer to a television show about home renovation and remodeling.
In unsettling times, homeowners are looking to make improvements that will help them feel more secure in their homes. The categories with the highest increases in remodeling activities since March 1 are deck construction at 275% and fence construction at 144%.
Often, the best return on a home improvement project comes from the addition of a new bathroom or kitchen. However, it is important to keep in mind that the resale value of these projects can vary considerably depending on where you live. Also, be sure to avoid doing any changes that are too personalized or that would significantly differ from the style of your neighborhood, which may deter potential buyers.
There are a number of ways to finance home improvement projects, including savings, credit cards, personal loans, and secured mortgages. Some lenders specialize in home improvement financing, such as Fannie Mae and the Federal Housing Authority. Another option is a home equity line of credit, which offers revolving access to funds and is backed by the equity in your house. A third way to pay for your project is through a home warranty plan.