Home improvement refers to a variety of projects that add value or functionality to a home, such as installing new fixtures, painting, replacing flooring or making other aesthetic changes. These projects may also be designed to make a home more energy-efficient. A new heating system, for example, can help reduce utility bills.
Home improvements are popular among homeowners, but not all are created equal. For instance, sparkling bathroom overhauls can be expensive but don’t usually yield a high return in terms of resale value, according to the Contractor Growth Network’s latest Cost vs. Value Report. Similarly, adding an extra bedroom or bathroom is a great way to increase living space and boost resale value, but it’s important to choose midrange upgrades rather than high-end ones that will put potential buyers off.
Moreover, homeowners should consider how long they plan to stay in their home before undertaking any major remodeling projects. It might be better to save up for a bigger project or wait until interest rates and home prices improve, a certified financial planner says.
Homeowners are spending more time at home during the pandemic, which has led to a spike in DIY projects. About 3 in 5 say they’ve done home improvements or repairs since March 1, according to a NerdWallet survey. And while most aren’t ready to sell, they still want their homes to look nice. Fortunately, there are many easy and inexpensive home improvement ideas that can boost your property’s curb appeal. Try installing a new front door, re-grouting tile or power washing your siding.