Home improvement, also known as house renovation, is the process of upgrading or repairing a home. This may include interior or exterior work such as remodeling, rewiring or adding rooms and features. It can also be done for practical reasons like repairing and replacing old or worn out items, improving energy efficiency, and increasing curb appeal.
Home improvements can have an enormous impact on a property’s value. But, it is important to keep in mind that not all projects are created equal. Some can even decrease the value of a home. To avoid this, make sure the upgrades are tailored to the needs of a broad range of potential buyers, and try to stay within your neighborhood’s average price per square foot. For example, expensive luxury bathroom upgrades will not be as appealing to prospective buyers as quality mid-range updates. And, don’t overbuild your home. For example, turning a garage into an extra bedroom will not increase your home’s value, since most buyers are looking for living space.
Home improvement spending has peaked and is expected to decline in 2024, according to Harvard University’s Joint Center for Housing Studies (JCHS). This is due to a combination of factors such as higher labor costs, a continuing supply chain crisis in the construction industry and ongoing difficulties with sourcing materials and financing. In addition, homeowners are reevaluating the necessity for certain projects such as new kitchens and bathrooms. Nonetheless, the satisfaction that comes from seeing completed home improvement projects will continue to motivate consumers to enhance their homes.