Home improvement is the process of making improvements or adding amenities to a home. This can include repairs, but also extends to upgrades such as installing a new kitchen, bathroom or garage. Some homeowners do the work themselves while others hire professionals. No matter what the project, there are a few key factors to keep in mind before getting started.

The home remodeling industry is a huge business that includes professional contractors, interior designers and home improvement stores. It can be difficult to differentiate between qualified professionals and unqualified ones, but performing basic research can help. Checking for licensing, insurance and requesting references are all essential. Homeowners should also look for reputable aggregators that act as intermediaries between service providers and customers.

According to the National Association of Realtors, most people plan to renovate their homes this year. The pandemic may have spurred some of this activity, but it is not the only reason. The NAR’s 2022 Remodeling Impact Report shows that the most popular reasons for upgrading a home include improving worn-out surfaces and finishes, increasing enjoyment of the home and making it more functional.

In terms of costs, most projects are less than $50,000. However, some can cost significantly more. Some of the most expensive projects are kitchen renovations and security system installations. For example, a kitchen remodel can cost $33,190 while a security system installation costs $754.

It is important to remember that not all home improvement projects will add value to the home. If a homeowner goes overboard with expensive materials or outpaces the style of the neighborhood, it could detract from the value of the property. It is also important to talk with a real estate agent before starting a home improvement project, especially one that will affect the resale price of the house.

A primary suite (that is, a bedroom with its own bath and closet) is one of the best ways to add value to a home. Other high-value home improvement projects include adding a patio, replacing carpet and refinishing hardwood floors. It is also wise to talk with a tax professional before beginning any home improvement project.

Taking on debt to complete a home improvement project can be risky, and it is not a good idea for most homeowners. If a homeowner must take out a loan, they should always consider the monthly payment and interest rate before making any commitments. It is also a good idea to save money, pay down debt and see if interest rates decrease before beginning a big project.

There are many ways to make improvements to a home without going into debt or ransacking your savings. Some of these projects, such as painting or re-grouting tile, don’t cost much and will make the home more attractive to buyers. Other, larger, projects will add value and are a great way to enjoy your home for years to come. The most important thing is to do the research and find a reputable contractor that you can trust.