Home improvement refers to a wide range of projects that upgrade or repair an existing house interior (electrical, plumbing and other building materials) and/or exterior (masonry, concrete and roofing).
The home remodeling industry is booming.
The average American spent $624 billion on home repairs and improvements in the two years covered by the 2021 American Housing Survey, a jump of 44% over the previous decade. While it may be tempting to write off the increase as an inflationary bump, the number of projects grew much more than this — more than 35% more than in 2013.
Older homeowners are driving this trend.
Almost half of the homeowners surveyed by Zillow say they plan to make a home improvement this year, and the most popular upgrades are bathroom and kitchen renovations.
Making a home more comfortable is also an important reason to do renovations, according to the study.
Another common renovation is adding a master suite, which can be a very expensive project. This can make a home more comfortable and help increase its resale value.
If you’re planning a major home improvement, talk to your real estate agent about the resale value before starting. This will help you avoid wasting money on renovations that won’t add to your home’s appeal.
If you’re considering a large home improvement project, consider financing it through a loan. A mortgage is generally the most convenient and secure way to fund your renovation, but you should also be sure you have a realistic budget in place before applying for a loan.