Whether you want to renovate your kitchen or add a new bathroom, there are lots of home improvement projects you can consider. It’s important to talk to a real estate agent in your area to see which renovations would increase the value of your house. It’s also important to know which improvements have the best return on investment.
Home improvement is the remodeling, altering, renovating, repairing, replacing, restoring or modernizing of any part or all of a residential building. This includes adding or improving a porch, patio, deck, driveway, fence, roof, window or door. It also includes landscaping and paving. Home improvements can include anything that makes a home more enjoyable to live in or more efficient to use.
The American Housing Survey, which is conducted by the Bureau of Labor Statistics and Census Bureau, asks homeowners to self-report what they’ve spent on various projects over the past two years. The results are based on those who responded, which may or may not be the same as the entire population of homeowners.
Married couples with children were most likely to report spending on home improvements, and they made up a fourth of the homeowner population in 2017; they drove 45 percent of home improvement market spending that year. Single people, on the other hand, were less likely to pursue projects (but they still did so at a lower rate than other homeowners) and made up just 6 percent of the homeowner population.