Home improvement involves the practice of improving a residence by making repairs or modifications. This can include interior and exterior renovations. People may renovate their homes for various reasons, including adding value, increasing safety, and updating comfort. Home improvements can be expensive, and many people will choose to hire contractors for large projects. However, DIY (do-it-yourself) home improvement is becoming increasingly popular due to the availability of online tutorials and videos.
Some home improvements, such as replacing a kitchen’s countertops or painting walls and cabinets, can increase a home’s value. Others, such as a new master suite or outdoor living space, are more likely to attract potential buyers.
However, not all home improvements will add value to a home, and some could even detract from it. For example, over-personalized renovations like a brightly colored bathroom can turn off prospective buyers, and installing fancy light fixtures will be costlier than standard ones.
Before committing to any home improvement project, it is important to research the average costs of the type of renovation and get quotes from multiple contractors. It is also wise to consult with a real estate professional about the type of renovation and its resale value. Finally, it is a good idea to avoid going into debt for home improvements. Taking on a major project with credit cards can have serious financial consequences. In addition to the interest on the loan, the homeowner will have a hard time selling the house in the future with a lien against it.