Home improvement, also known as home renovation or house remodeling, is the process of renovating and improving the interior and exterior of a dwelling place. This includes kitchen and bathroom remodeling, as well as room additions and other home structural changes. Home improvement may be done for aesthetic or practical reasons, including increasing the value of the house.
With home prices high and mortgage rates rising, many homeowners are opting to remodel their current homes rather than move into a new one. But when it comes to home improvement projects, cost is a critical factor. “It’s going to be a tough year for people because of materials costs,” said Zonda president Greg Gordon.
The home improvement movement grew out of the rebuilding efforts following World War II, when government mortgage insurance programs encouraged veterans to buy houses and build new ones in suburban communities. Popular television shows such as Bob Vila’s This Old House and Trading Spaces helped to expand the industry by promoting DIY (“do-it-yourself”) projects.
However, not all home improvements add value. In fact, some projects can even decrease a home’s resale value. For example, if you have a large tree with constant leaves dropping onto your home, it can reduce its curb appeal and detract from the overall look of the property. A tree removal expert can set you back a hefty sum, so think twice before tackling such a project yourself. Also, be sure to talk to a local real estate agent before making any major upgrades. They can provide guidance on what renovations will increase resale value.