Home improvement is the act of improving or repairing a dwelling. These can include interior and exterior renovations as well as building additions. The term can also refer to improvements that increase energy efficiency, such as new windows or a heat pump. These are often referred to as green home improvements. Other types of home improvement projects are kitchen or bathroom remodels, adding a new deck, replacing the front door, and installing insulation. Home improvement can be a big undertaking and should always be done by a professional contractor to ensure the job is completed correctly.
Home improvements can be costly, but they don’t necessarily have to break the bank. With the right planning and execution, you can complete your home remodeling project without breaking the bank or going into debt. Here are some tips to help you plan and execute your next home improvement project:
A Master Suite
Adding a master suite to your home is one of the most expensive home improvements you can make, but it’s also one of the best ways to increase your resale value. This upgrade can be used as a rental property or a guest suite, and it will add significant curb appeal.
The NAR’s 2022 Remodeling Impact Report found that the pandemic drove homeowners to renovate their homes, but it wasn’t the only factor. Consumers cited many other motivations, including upgrading worn-out surfaces, finishes, and materials (30%), making their homes more comfortable and functional (27%), and simply wanting to change things up (16%). After completing their home renovations, 86% of respondents said they were inspired to renovate again.
Some home improvement projects are a necessity, such as a leaky roof or moldy basement. Others can be put off until a later date, but some safety issues, such as electrical problems or a crumbling foundation, need to be addressed immediately to protect your family’s health and wellbeing.
Homeowners have increased their spending on home improvements, but the rate of growth is expected to decline in 2023 due to a number of factors, including rising labor and material costs. A slowdown in housing sales, mortgage refinancing and construction will also weigh on home improvement spending, according to JCHS.
Whether you’re looking to add a master suite, finish the basement or update the kitchen, these high-impact upgrades will boost your resale value and improve your family’s quality of life. But remember to choose projects that are important for your own comfort and enjoyment, rather than simply those that will add the most resale value. It’s a good idea to speak with a real estate agent about which renovations will add the most value to your home, before beginning any work.