Home improvement, also known as home renovation or remodeling, is the process of improving the interior and exterior of a home, including kitchens, bathrooms, basements, and garages. This is done to increase a home’s value and functionality. Home improvement projects can be either small, such as adding a fresh coat of paint, or large, such as building an addition.
Most homeowners are planning to tackle some type of home improvement project in 2021, according to a new survey from Axiom. But they’re taking a cautious approach. Almost three-fourths say they’re “easily able to pay for the majority of their projects without tapping into savings or going into debt.”
The types of projects surging the most are outside jobs: deck construction is up 275%, and fence construction is up 144%. Anderson says that may be a reflection of a desire to get more use out of outdoor spaces while the pandemic continues, as well as a growing awareness that such upgrades can boost a home’s resale value.
A fresh coat of paint is a relatively inexpensive way to refresh an outdated exterior or interior. Other cost-effective, high return projects include upgrading your home appliances to more energy-efficient models and installing smart thermostats. Homeowners who want to spend a bit more can add an additional bathroom or great room, which will help a home sell faster and for a higher price. Home improvement contractors can vary widely in their prices, quality of work and ability to complete a job on time, so it’s important to compare options carefully before choosing a contractor.