Home improvement is any alteration, repair, addition or modification to a building, residence, apartment, condominium unit, or the land on which it is situated. Work that is considered part of home improvement may include driveway construction, laying or coating of paint and edging and the installation or replacement of fencing. Home improvements also include the addition of windows, doors, shingles, siding and roofs.
During the pandemic, homeowners increased their home improvement spending to keep their living spaces up-to-date and make their homes more comfortable. And even though the housing market is volatile, home improvements are still an attractive investment in today’s low mortgage rates.
Many homeowners want to improve their homes for their own enjoyment, but some are renovating solely based on the idea of increasing their home’s resale value. This approach is a risky move. It is hard to predict how much your home will be worth in the future and you could end up spending more money on upgrades that do not appeal to a broad range of buyers.
To avoid this, it’s important to prioritize high-impact, high-ROI projects that will increase your home’s livability. Projects that can decrease energy costs and pay for themselves over time, such as installing a new HVAC system or adding insulation, are great choices. They can boost a home’s energy efficiency and are often desirable for prospective buyers. It is also smart to consider how long you plan to stay in your home to further inform what renovations might be a good fit.
