Home improvement is the process of modifying or upgrading the interior or exterior of an existing residential building. Some home improvements are major, while others are more cosmetic. Generally speaking, many improvements are intended to increase the value of the property and may also improve its livability. The most important things to keep in mind when considering a home improvement project are whether it is cost-effective, will add significant value to the home and fit in with other homes in the neighborhood.
There are plenty of ways to add value to your home without going into debt or ransacking your savings. Adding a fresh coat of paint, re-grouting tile, or power washing the outside of your house are just a few examples of easy projects that can make a big impact.
The categories of home improvement that are surging most are primarily outdoor-focused, such as landscaping and deck construction. Homeowners are spending almost three times as much to build their decks this year compared with last, while hiring landscapers has increased by more than double. Fence construction is up, as well.
Homeowners have been more motivated to renovate their houses than usual, according to the National Association of Realtors’ 2022 Remodeling Impact Report, which cited factors such as wanting a change (70%), resale value (68%), and increasing enjoyment of their home (56%). However, some homeowners may be chasing trends in order to improve their resale value. That could end up backfiring, especially if the homeowner over-improves to the point where the home is out of line with comparable properties in the area.