Home Improvement 101
Home improvement is the remodeling, altering, repairing, renovating, restoring, or modernizing of a residential building or the making of additions to it. This includes but is not limited to painting, refinishing or redecorating, resealing driveways, fence construction, adding window planters or other landscaping, changing doors and windows, and upgrading heating, ventilation, and air conditioning systems.
A survey conducted by the American Housing Survey (AHS) found that the majority of homeowners who take on projects report they do so for a number of reasons: to make their house more comfortable for themselves and their family, as a means of saving energy or to upgrade the safety features of their home. Other reasons include preparing for a sale and increasing the value of their property.
However, it’s important to be realistic about your goals when taking on a renovation project. Many high-end options like new floors, fixtures, or cabinets may not appeal to potential buyers and might actually reduce the overall value of your home.
A good way to avoid making costly mistakes is to plan and research your project thoroughly, ask friends and neighbors about contractors they recommend, and always pay in cash. Going into debt for your home improvements is a big mistake that will cost you thousands in interest and will leave you less financially secure should something unexpected come up. It’s also smart to think about how long you plan to stay in your current home before investing in a major renovation.
