Generally speaking, home improvement refers to the repair, remodeling, restoration or modification of any residential or non-commercial building. This includes, but is not limited to, the construction of decks, porches, garages, gazebos and swimming pools.
Home improvement is a growing industry with a strong economy. As more homeowners become affluent, they are investing more money in their homes.
While home improvement projects can add significant value to a home, it is important to be cautious about making costly mistakes that may harm the overall resale of your property. Some common renovation mistakes include:
Over-personalizing a house
It is not unusual for homeowners to want to make their homes as unique as possible, but doing so can decrease the resale value of your home. This is especially true if your home has been decorated in a style that a buyer might not be familiar with.
Do-it-yourself (DIY) projects are a great way to get a head start on home improvements without paying a lot of money. For example, re-grouting your tile floors or power washing the exterior of your house are both doable projects that can increase the resale value of your house.
Home Equity Loans
The cost of a home improvement can be paid for in many ways, including with the equity that you have built up in your house. Another option is to obtain a loan from your lender for a specific amount of money that can be used for your home improvement project.