Home improvement refers to the repair, replacement, remodeling, alteration, conversion, rehabilitation, renovation, modernization, or addition of any land or building occupied as a private residence or dwelling place. It includes the construction, erection, or replacement of driveways, swimming pools, porches, garages, fallout shelters, and other improvements to structures or land adjacent to a dwelling house.
The average homeowner spent $135 million on home improvement projects during the years in which the survey was conducted, according to the 2021 American Housing Survey from the U.S. Census Bureau.
There are many reasons why homeowners renovate their homes. Most of the time, they want to make their house look better and improve its function.
If you’re looking to sell your home in the future, you may also consider renovations that will increase its resale value. Some common renovations include replacing the kitchen, upgrading the bathroom, or adding a new bedroom.
Keep in mind that any home renovation project can be costly, time-consuming and messy. To avoid this, it’s important to stay organized and ensure that your contractors clean up after themselves.
A good contractor will have a contract outlining the scope of work, timeline and payments. Be sure to review this contract carefully before you hire the company.
If you’re looking to finance your home improvement project, it’s important to know which loan type is best for you. The right type of financing can vary based on your home’s current and projected resale value, the size of the project and your existing credit score.