Home improvement, or renovation of the interior and exterior of a house, is the process by which a person enhances the comfort and value of their living space. It includes such activities as painting, carpeting, flooring, repairing, remodeling, and other similar projects. Home improvements may be performed by the homeowner or hired out to professional contractors.
Many TV home improvement shows have contributed to a popular fascination with DIY home improvement. Shows like This Old House and Trading Spaces promoted the notion that a weekend renovation project can be a satisfying personal challenge, while still adding significant resale value to the home. In addition, a burgeoning interest in craftsmanship led to the creation of DIY kits that allow consumers to easily replicate the work done on popular television home improvement shows.
Whether home improvements will pay off at resale remains to be seen, but most homeowners can benefit from keeping an eye on trends in the marketplace and making wise choices about what kinds of projects will add the most value. Homeowners also need to know their options when it comes to financing the work. Personal loans and credit cards can help fund small projects, while home equity loans and lines of credit can be used for larger ones.
Finally, before undertaking any home improvement project, a homeowner should make sure that there is room in their budget to accommodate a one-time or recurring payment. Moreover, they should consider whether it is prudent to draw on their emergency funds for these purposes, as doing so can potentially jeopardize their financial security.