Home improvement, also called home renovation or remodeling, is the process of renovating or making additions to one’s home. This can include anything from installing new kitchen appliances or a bathroom suite, to adding decks or porches, to putting in a garden. Home improvement projects are carried out for a variety of reasons, including increasing one’s personal comfort, improving the property’s value or making it safer to live in.
With television schedules packed to the brim with shows like Fixer Upper and This Old House, it’s no surprise that many homeowners are looking for ideas on how to make their homes look better. But before you pick up a hammer, there are some things you should know.
First, you should think about why you want to do a home renovation and how long you plan on living in your home. Trying to do too many projects can cost you money in the long run, and it’s important to know which improvements are more likely to add value to your home.
Depending on your situation, you may be able to finance your home renovation project by getting a personal loan or using a line of credit. However, you should carefully consider the terms of any loan you might receive before committing to it. If you’re borrowing money, the monthly payments and interest rates should be factored into your budget.
Some of the most popular home improvement projects involve work on a home’s exterior or backyard. In the past three years, spending on these types of projects has been surging, and according to the Joint Center for Housing Studies of Harvard University, will likely continue growing into 2024.