Home improvement, also known as residential renovation, is the process of improving the interior and exterior of a house. Home improvement projects are generally undertaken for a variety of reasons, including increasing the property’s value, making it more pleasant to live in, or fixing problems. Typical home improvement projects include installing kitchen appliances, bathroom fixtures and upgrades, painting, shingling or replacing a roof, and adding decks or fences. Depending on the scope of the project, it may be necessary to obtain permits from local authorities.
Most homeowners consider a home improvement project to be an investment in their property. However, it’s important to remember that not all projects will generate a positive return. In fact, some improvements can even cost more than they add to the home’s value.
To maximize your return on home improvement investments, you should choose projects that will appeal to the majority of potential buyers. This will ensure that your renovations are well-received by buyers and help you sell your home quickly. In addition, you should prioritize projects that improve a home’s energy efficiency. This will save you money on your utility bills and increase your home’s resale value.
According to the National Association of Realtors (NAR), more than three in five homeowners have done home improvement during the pandemic. The spike in projects is due to a combination of factors, including upgrading worn-out surfaces and finishes (30%), enhancing livability (29%), and adding features (26%). Homeowners also feel motivated by the desire to spend more time at home during the pandemic.
Many of these projects require the help of professionals. To ensure that you hire the best contractors for your project, it’s critical to compare contractor quotes before hiring. To do this, you should use a free tool like NerdWallet’s Home Improvement Estimator. This tool allows you to compare estimates from top-rated contractors in your area. The results will provide you with all the information you need to make a smart decision about which contractor to hire.
Despite the spike in home improvement during the pandemic, it’s important to keep in mind that your motivation for renovating should be personal. Renovating solely based on your home’s resale price could end up costing you more than it’s worth, especially in today’s market. It’s important to focus on your own comfort and happiness, rather than purely financial returns.
In addition to boosting your comfort and enjoyment, home improvement projects can improve safety and security. However, if you’re not comfortable performing certain tasks, it’s always better to hire a professional. A licensed and insured contractor can help you get your project completed safely and efficiently.