Home improvement is the repairing, remodeling, altering, restoring or modernizing of the interior or exterior of a residential building. This includes but is not limited to painting, wallpapering, carpeting, tiling, landscaping, adding or modifying features such as driveways, walkways, and patios. It also covers the installation of insulation and the conversion of commercial structures to residential use.
Certain improvements can boost resale value, such as updated kitchens and bathrooms. Additions that increase living space, such as finished basements and decks, are also popular home renovations. However, buyers’ tastes vary, so it’s best to discuss any plans with a real estate agent before making significant changes.
Some projects can’t wait: leaky roofs, faulty electrical systems and termite infestations are just a few of the problems that can’t be ignored. Neglecting these issues can lead to even more costly repairs down the road.
It’s important to research contractors before hiring them for any home improvement project. You should always get multiple estimates before choosing a contractor and be sure to compare licenses, insurance coverage and business references. You should also choose a contractor who is members of a reputable home improvement association or is accredited by a professional organization.
Married couples with children are most likely to undertake home improvement projects, but single people and millennials are the least likely groups to spend money on upgrades. In fact, millennials spend nearly 15 percent less on average than other homeowners. This is probably due to higher rates of student loan debt and a lack of adequate housing stock in many markets.