Home improvement is an ongoing process of improving your home and can include everything from painting to putting on a new roof. It can also mean fixing plumbing issues, installing a new appliance or even redoing your entire kitchen. These projects can be very expensive and are something that many homeowners take on themselves.
One of the biggest reasons to undertake a home improvement project is to add value to your house. However, this can be a risky proposition and should always be done with caution. A good rule of thumb is to consult a real estate agent before making any major changes to your home. This will help ensure that the improvements you make are ones that will appeal to potential buyers when it comes time to sell your home.
It is also important to remember that not all home improvements will add value to your home. While adding a gourmet kitchen may add value, it might not be a good idea to install a swimming pool or other large additions that will not pay off in the long run. It is also important to keep in mind that the type of work that is considered a home improvement will vary by state. For example, in New York the contractor who performs your home improvement project will be charged sales tax unless you have documentation that the project qualifies as a capital improvement.
The most popular types of home improvements are sparkling bathroom overhauls and kitchen renovations, according to data from the Remodeling Impact Report from NAR’s 2022 survey. Homeowners who had children were most likely to pursue these projects, but baby boomers were a close second. The NAR survey also found that most homeowners are satisfied with the results of their projects.
Despite the pandemic, there are still many homeowners who are willing to put in the hard work to improve their homes. Rock-bottom interest rates and the desire to feel secure in their own homes are helping fuel this trend. In fact, homeowner spending on improvements reached a record high in 2020 and is expected to continue rising through 2023.
According to a recent survey by NerdWallet, three in five homeowners who have completed home improvements since March 1, 2020 say they did so because they were spending more time at home due to pandemic-related social distancing measures. In the same NerdWallet survey, 80% of respondents said they stick to the budget that they set for their home improvement projects.
Many homeowners are also undertaking projects because they simply want to enjoy their homes more. A new kitchen, deck or bathroom are all great ways to do this. While these projects may not increase your home’s resale value, they will help you live more comfortably in your home and can make it a safer place for you and your family.