Home improvement refers to the renovation, repair, alteration, modernization, or addition to any building or land. The term may also be applied to structures that are a part of or attached to the land, such as fences, porches, garages, and fallout shelters. A home improvement project can be a complex endeavor, but it is also one that can make a significant difference in the look and feel of your property.
Home improvements often require major budgets and long periods of time to complete. Therefore, it is important to know the benefits of each project and what to expect before you begin. In addition to increasing the value of your property, a home renovation can improve the comfort and security of your family. A well-planned home improvement project can also help you save money by avoiding expensive mistakes.
During the pandemic, many homeowners upgraded their homes to enhance safety and increase resale value. However, this spike in home improvement is waning, as people realize the economic impact of a protracted lockdown. This shift has started to hurt companies such as Home Depot, which benefited from Americans’ love of renovating homes during the pandemic.
According to the National Association of Realtors, 2022 remodelling spending peaked in Q3 and is expected to decline slightly in 2023. Although these projections are disappointing, the industry will remain strong because homeowners are still interested in improving their living spaces. This will be aided by lower construction costs and rising labor supply, as well as by the fact that many people will remain at home during the recovery.
To get the most bang for your buck, focus on projects that will appeal to a broad range of buyers. For example, a master suite with marble flooring may wow you but will likely not appeal to the majority of homebuyers. By contrast, a basement conversion into an entertainment room or bedroom will probably attract many potential purchasers.
If you’re not sure which projects will boost your home’s resale value, consult a real estate appraiser or an interior designer. They can give you advice on which upgrades will make your house more marketable and which ones are a waste of money.
Remember that some home improvements must be done regardless of resale value, such as fixing roof leaks or replacing worn doorknobs. Leaving these tasks unattended will lead to bigger problems later on and could reduce the value of your home. Also, a neglected lawn and exterior can be a turnoff for potential buyers. Instead of spending money on high-end fixtures, spend your money on regular maintenance.