Home Improvement – Adding Curb Appeal and Increasing Property Value
Home improvement refers to renovation work done on residential dwellings, often with the purpose of improving the property’s value. This can include remodeling and repair of existing living spaces, additions to the home, and maintenance or installation of appliances, fixtures and finishes.
Many homeowners have a strong desire to improve their homes, but not all remodeling projects are created equal. Some may not even provide a good return on investment when it comes time to sell the home. That is why it’s so important to consider the potential return on investment (ROI) of each project before beginning.
In addition to the cost of materials and labor, home improvement projects can quickly become more expensive than originally estimated. This is particularly true when unforeseen issues arise, such as the discovery of a rotten subfloor under your bathroom floor or finding mold behind your kitchen cabinet.
Despite the pandemic, most homeowners have continued to invest in their homes, with homeowner spending on average increasing over the past few years. According to a 2022 report by Houzz and The National Association of Realtors, the typical American homeowner will spend $15,000 on home improvements this year.
Whether homeowners are doing work to prepare for selling or to simply update the look of their house, they’re often seeking creative solutions that will add curb appeal and functionality. In fact, the most popular home improvement projects are sparkling bathroom overhauls followed by upgrades to the kitchen and basement. Many of these projects can be costly, however, especially if they’re done with luxury options and high-end finishes. Homeowners can find financing to cover the cost of these projects through cash from savings, a home equity loan or line of credit, and contractor arranged financing.