Home improvement is a term used to describe projects that improve the appearance or functionality of a property. These projects may include a new kitchen or bathroom, remodeling an existing room, adding rooms, landscaping a yard, or replacing old windows. There are many benefits to undertaking a home improvement project, including improving the safety and security of a property, saving energy, and increasing its value.
Americans love to upgrade their homes, and the trend picked up speed during the COVID-19 pandemic. In fact, homeowners spent more than a half-trillion dollars on home improvement projects in the two years ending in 2021, according to the American Housing Survey. This was a big boon for companies like Home Depot, which reported a 40% surge in revenue during the period.
However, there are a few things to keep in mind before taking on a major home improvement project. For one, not all upgrades add resale value. If you have marble floors in a home that is otherwise basic, for example, buyers might not want to pay a premium to take them with them when they move. In addition, you should also try to keep your improvements in line with the style of the surrounding neighborhood.
Of course, even if a home improvement doesn’t yield high resale returns, it can still be worth the investment to you and your family. It’s hard to put a price on the satisfaction you get from seeing your finished project.