Home improvement is the process of renovating or making additions to one’s home. These projects are often done for aesthetic reasons, such as upgrading flooring, painting or changing the style of a room, but can also be undertaken to make functional changes, such as adding new bathrooms or extra bedrooms. Home improvements can be expensive, but many homeowners choose to undertake them because they increase a property’s value.
However, it’s important to remember that not all home renovations are equal. It’s vital that homeowners consider which projects will provide the most return on investment, and to carefully select materials, to avoid overspending or going into debt. It’s also a good idea to speak with a real estate agent before starting any major renovation projects to ensure that they will have the best chance of increasing a property’s value upon sale.
According to NerdWallet, a majority of American homeowners plan on undertaking some type of home improvement project in the next two years. Some of the most popular projects include refreshing shower areas, replacing vanities and toilets, laying new tile, installing security systems and updating light fixtures. Some of the top ranked projects for added value include a manufactured stone veneer on the exterior, which can increase a home’s value by 96%, and refinishing the front door. Other top ranked projects include an additional bedroom and a master bathroom remodel. The majority of projects, however, are more modest, such as paint or replacing light fixtures.