Home Improvement – What You Need to Know

Home improvement

There are certainties in life, and one is that if you own a home, at some point, it will need to be repaired or improved. These projects may come on the heels of an unavoidable need, such as a leaking roof or flooded basement, but they also can be spurred by the desire to improve the appearance of the home or accommodate family members with specific needs. Whatever the reason, home improvement is a big business. In fact, according to census data, homeowner improvement spending rose to $522 billion from 2017 to 2019, a $72 billion increase over the previous two years.

The popularity of television shows such as Bob Vila’s This Old House, which followed the step-by-step renovation of a historic home, helped fuel the interest in DIY projects that could be performed by the average homeowner. And rock-bottom interest rates have made mortgage refinances and home equity loans fairly inexpensive options for financing a major renovation.

Generally, the most popular types of home improvements are repairs that need to be done, as well as additions and remodeling projects that add value to the property. A full kitchen remodel, for instance, can provide a good return on investment when it comes time to sell the home, and can make an enormous difference in the appearance of the residence.

Other common home improvement projects include upgrading the bathroom, adding a deck or porch and building a garage. However, a bedroom and bath addition is probably the most expensive project of all, and should only be undertaken if it will substantially increase the living space in the house.

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