Home improvement is the construction, repair, replacement, alteration, remodeling, conversion, renovation, modernization, or improvement of a residential property. This includes but is not limited to the addition of rooms or structures, and the landscaping of a house, yard, and driveways. Home improvement also refers to the repair and maintenance of a home or its appliances and systems. It may also include the installation of safety devices and fallout shelters in case of an apocalyptic event.
Home improvements typically pay for themselves with increased happiness and enjoyment. Some homeowners cite improved energy efficiency as the main motivation for upgrading their homes, while others say they were simply looking for a change. A September NerdWallet survey found that homeowners who renovated in the past two years were more satisfied with their homes than those who did not.
The most popular projects were sparkling bathroom overhauls and kitchen remodels. However, these projects don’t always deliver a great return on investment. Adding an extra bedroom or bathroom is another common home improvement, as it can increase resale value and add living space to the house.
Almost half of all improvements were paid for with cash from savings, but more expensive projects were funded by things like home equity loans, contractor arranged financing, and credit cards. Some owners also receive government grants to help with home improvements. Home improvement can be a lucrative endeavor, but it’s important to do your research before beginning any major work on your home.