Home improvement is the process of renovating and upgrading a house. This includes repairs and maintenance to make it safer, more energy efficient, or more attractive. It can also include additions to the home, such as a deck or gazebo. Home improvements can be done by homeowners or hired professionals.
Many people do home improvement projects in order to add value to their homes when they want to sell them. Others do it for the enjoyment and comfort of living in their homes. Home improvements can include anything from replacing old or worn out items to major renovations like adding an addition or a new bathroom.
According to a recent report from Harvard’s Joint Center for Housing Studies of America, spending on home improvement in the U.S. has surged since 2010, when it hit a low during the recession. It has now nearly doubled, with those over 55 being the main force behind this increase in remodeling activity. The report also notes that very few renovations and remodel jobs fully recoup their costs.
However, homeowners can take steps to ensure that any home improvements they undertake will be worthwhile in the long run. For instance, they should only do projects that will appeal to a broad range of potential buyers. They should also be careful not to overspend, as this can actually decrease a home’s value. Lastly, it’s important for homeowners to remember to update their home insurance as they complete their renovations. This will ensure that they have sufficient coverage in the event of a loss.