Home improvement, also known as home renovation or remodeling, is the process of making improvements to one’s house. These can range from small maintenance work, such as a new coat of paint, to major renovations like changing a kitchen or adding a bathroom.
The purpose of these projects can vary; for example, a homeowner may want to increase comfort or satisfaction with their home, repair a problem, make it larger by adding rooms/spaces, save energy, or improve safety. The cost of these projects can be significant and, therefore, some homeowners need to make sacrifices; 20% of those who took on home improvements over the past two years had to cut back on discretionary spending, sell items or exhaust emergency savings.
Projects that have increased in popularity over the last two years include:
Painting and wallpapering, replacing flooring and paneling, repairing and painting siding, updating light fixtures and installing new gutters or roof.
Deck and fence construction are also on the rise; these are projects that can be completed on a budget, while still bringing your house to life.
Backyard landscaping is another popular way to improve a house. A lush lawn, a few well-placed shrubs and bushes and an attractive landscape will go a long way in improving the appeal of your property.
A recent survey from NerdWallet found that 95% of homeowners intend to take on a home improvement project in the next two years. This is mainly a result of rising housing prices and a shortage of new homes.