Home improvement, also known as renovation, is the act of making changes or repairs to your house. Home improvements can range from minor fixes like replacing worn doorknobs or painting a room to major projects such as installing a new kitchen or bathroom. There are many benefits to doing home improvement projects, including adding value to your home and improving its livability. But before you dive into a project, it’s important to understand the costs involved and how return on investment (ROI) works.
A recent LightStream survey found that 73% of homeowners have started, completed or are planning a home improvement project. Interestingly, these projects aren’t always focused on selling your home, as most respondents indicated their motivation is to make their homes more comfortable and enjoyable.
Whether you’re a first-time homeowner or a seasoned pro, the prospect of home ownership can be a bit overwhelming. Fortunately, there are plenty of helpful resources to help guide you through your home’s first few years, from maintenance tasks to bigger improvements and upgrades.
Many homeowners begin their home improvement journey by searching the internet for information and advice. In fact, when asked how they would approach a new home improvement project, 30% of Americans said they’d start by researching materials and supplies online. This shows just how much of a role technology has played in helping homeowners feel confident enough to tackle DIY home improvement projects.
However, even the best resource can’t answer all of your questions, so if you do have a specific question or need more information on a certain topic, don’t hesitate to reach out and ask! There are many qualified and experienced professionals who can offer you expert advice and support, whether that’s an architect or engineer, interior designer or general contractor.
It’s no secret that the cost of home improvement projects can be steep. In fact, the 2021 American Housing Survey reports that homeowners spent $4,838, on average, on projects during the past two years. But what you may not know is that most of these projects don’t add any significant value to your home – in some cases, they actually detract from your property’s value.
This is due to the fact that many home improvement projects are expensive and have a high initial investment. To compensate, many homeowners will take on debt or tap into their emergency savings to pay for these projects. But this can be a dangerous road to travel, as unmanaged debt can quickly turn into a financial crisis. It’s important to carefully evaluate your options and work with a trusted partner that can provide you with a clear plan of action and realistic costs. If you decide to use credit to fund your home improvement project, remember that it’s important to make timely payments and keep your debt manageable. Otherwise, you could risk losing your home to foreclosure.