A home improvement project involves improving or making changes to a house or other residential structure. This may include remodeling or changing the design, painting or repairing. This can also include adding or removing features. It can be done on a single room or an entire house, and is generally considered an investment for its future resale value. A home improvement can be anything from a fresh coat of paint to adding an in-ground swimming pool.
According to the National Association of Home Builders, home improvements increase a property’s resale value. However, not all projects pay off the investment, and it is important to consider the current and future market before deciding on an improvement. A poorly thought out project can actually decrease a property’s resale or rental value. It can even have a negative impact on the homeowner’s health and well-being.
Home improvement can be a fun and rewarding project for homeowners, but it is essential to choose the right projects. The best projects will be those that will increase the homeowner’s quality of life and the home’s appeal. The most common project is interior painting. Almost three-quarters of the homeowners who have started, completed or plan to start a home improvement project will work on their interior paint. Other popular fixes include replacing or refinishing floors, upgrading bathrooms and fixing leaky roofs.
When it comes to determining what to do, many homeowners turn to the internet for information and inspiration. In fact, the majority of respondents to NerdWallet’s recent Home Improvement Survey said they would begin their project by researching online for ideas and resources. This is especially true for millennials.
However, while the internet can provide a wealth of information, it’s not the only source for home improvement inspiration. In addition to the internet, television shows and magazines continue to be the most popular sources for ideas.
While there are a number of reasons to undertake home improvement projects, the most common reason among the survey’s respondents is preparing their homes for sale. This was most common among millennials, with 29% of those citing this reason, followed by Gen Xers (28%) and baby boomers (11%).
While improving your home to make it more appealing to buyers can have a positive impact on its resale or rental value, homeowners should be careful not to over-improve their property. It is critical to remember that a buyer will purchase a property that is within their price range and that they can afford. A home that is improved significantly above the average for its neighborhood can quickly become difficult to sell, and it may not be able to command a premium well above the local area average. The simplest way to improve your home’s curb appeal is to take care of the yard and exterior. A new front door, resealing the driveway, cleaning and repairing gutters and adding flower beds are simple, inexpensive fixes that can improve your home’s appearance and increase its resale or rental value.