Home improvement, also known as residential remodeling or renovation, refers to the process of improving a home through construction, repairs or alterations. This may include the addition of rooms, improving the functionality of existing ones, or making cosmetic changes. It can also involve a garden work, garage maintenance or other improvements to the property’s exterior and structure. The home improvement industry is a multibillion dollar business.
Homeowners are spending more on home improvements than they were in previous years, even though construction and materials costs have been rising. The number of homeowners who have plans to remodel is up, according to a recent survey by Houzz. That’s partly because high mortgage rates have deterred people from buying another house and are keeping them in their current homes longer.
Adding new living space is a popular home improvement project, but it’s not necessarily the best investment. The cost of expanding a house is often far higher than its resale value. Instead, focus on upgrades that will make your house more functional. For example, a dining room addition is usually less expensive than a kitchen expansion and can add value to your home.
Repainting is a low-cost and easy way to make a room look fresh and new. If your daughter painted her bedroom hot pink when she was 11, for instance, it’s time to give the room a new coat of paint. It will be more appealing to potential buyers than an out-of-character color scheme that won’t match with other decor in the neighborhood.
A high-quality front door can increase your home’s curb appeal and is one of the top-rated projects on the Cost vs. Value Report. Another inexpensive but effective project is to plant a vegetable or herb garden in your backyard. Not only will you save money on grocery bills, but your vegetables and herbs will taste better than store-bought versions.
When choosing a contractor for home improvements, be sure to get a written contract with a detailed list of the work to be done and the materials to be used. Having this information will help you negotiate with contractors and avoid overpaying. It will also make it easier to keep track of progress and verify that all required inspections and certificates of occupancy are obtained.
Before beginning a home improvement project, be sure to review your home insurance policy. As your home’s value increases, your insurance coverage may need to be changed. A home insurance expert can help you determine whether your current policy offers adequate protection. They can also recommend additional coverage if necessary. To learn more about home insurance, visit our FAQs. You can also download our free Home Insurance Guide. This helpful resource provides the basics of home insurance, plus tips on getting the most from your home insurance coverage. You can also compare quotes from different companies by using our online Home Insurance calculator. This tool is fast, easy and accurate. It is the first step towards protecting your home and family with affordable, comprehensive coverage.