Home improvement is a broad term that covers the repair, maintenance, or renovation of residential property. It can include a wide range of projects, including repaving or rewiring a driveway, painting, or putting in new siding on a home.
Home improvements are a top priority for homeowners, who are reinvesting more of their income into the home than they are into paying off debt, says Joel Anderson, CEO and co-founder of Houzz. He adds that the trend is driven by rock-bottom interest rates, which make home improvement projects more affordable.
The most common home improvement project is replacing the flooring, ceilings, and paneling in a room. While this may be a relatively small project, it can make a huge difference in the look and feel of a space.
Another popular home improvement is reworking the bathroom, kitchen, or laundry room. A new tile backsplash, tub, or sink can make a big impact on your space.
Some homeowners even go as far as installing a custom shower. While this may be expensive, it’s an investment that can pay off when you decide to sell your home.
If you want to increase the energy efficiency of your house, new windows and a heat pump can be a good investment. The savings on your utility bills can be substantial, especially if you live in an older home.
When you’re ready to tackle a major renovation, it’s always best to consult with a professional. This will help you choose the right materials and avoid costly mistakes.