Home improvement is the repairing, remodeling, altering, renovating, restoring, or modernizing of any part of a residential dwelling or building. This includes the addition of rooms or floors, plumbing and electrical systems, roofs, windows and doors, kitchens and bathrooms, attics and basements, and more. It also includes outdoor projects like fences, decks, and landscaping.
For some homeowners, renovating a house is more than just an opportunity to improve the look of their living space. It’s a way to add value to the property and make it more appealing to buyers down the road. A fresh coat of paint or simple fixes such as sealing drafts may not cost much, but they can increase a home’s value significantly.
A popular home improvement project is adding an additional bedroom or bathroom to a residence, according to a survey by NerdWallet. This home renovation can help accommodate an expanding family or give an older resident some privacy and independence. Home improvements such as these can boost a home’s value by up to 20%.
While some home improvement projects can be expensive, there are many ways to finance them. Secured loans, such as home improvement loans from Fannie Mae and the Federal Housing Administration, provide low rates and a fixed term. Unsecured loans include personal and credit cards. Before choosing which loan to take, consider the amount you’ll need to borrow as well as your project’s timeline and your creditworthiness. You may also want to learn about government programs that offer assistance with home repairs for eligible residents, including Native Americans, veterans, and those in rural areas.