Home improvement is any type of renovation, repair or upgrade that improves the overall value or functionality of a residential building. The term can also be used to describe work performed on nonresidential buildings, such as churches, schools and commercial structures.
Upgrading a home is a constant endeavor for most homeowners. Whether it’s repairing something that’s broken or giving the house a fresh coat of paint, there’s always a project to do at home. And while some upgrades may be more costly than others, there are many ways to add value without spending a fortune.
According to the American Housing Survey, about two-thirds of homeowners report having spent money on a home improvement project over the past two years. And while most of these projects were paid for with cash from savings, a significant share were financed using sources like credit cards, equity loans and contractor-arranged financing. In addition, the survey shows that married couples with children were the most likely to report pursuing home improvement projects and they also spent the most on average.
When it comes to planning a home renovation, it’s important to set your goals before getting started. Those who skip the planning process often wind up spending more than they expected or going into debt to complete their project. And while it may seem tempting to renovate solely based on what’ll make the house more appealing to buyers down the line, it’s important to consider your own comfort and enjoyment levels as well.