Home improvement is a term used for any project that involves renovating or making additions to an existing home. This could include anything from painting a room to changing the flooring.
Homeowners are spending more on home repairs and improvements than ever before, according to a new survey from NerdWallet. The majority of homeowners surveyed said they plan to take on a home improvement project in the next two years, and millennials are more likely than older generations to say they intend to use a credit card for this purpose.
What Homeowners Are Investing In
The top reason homeowners spend money on home repairs and renovations is to make the home more attractive to potential buyers. But many also want their homes to be more comfortable and functional for themselves and their families.
Remodeling the kitchen, adding a bathroom or expanding the living space are also common choices for those planning a renovation. These projects can be expensive, however, so be sure to research costs and choose the right upgrades.
Besides adding value to the home, remodeling can increase a home’s energy efficiency. Whether it’s updating windows, installing insulation or adding a heat pump, these changes can lower utility bills.
When choosing a contractor for your home improvement projects, be sure to do your homework and get referrals from other homeowners or trusted friends and family members. Ensure that your chosen contractor is licensed in the state and has proper insurance.