Home improvement, or home renovation, is the process of remodeling or making additions to one’s home. This can include changes to the interior of a house (such as painting or installing new lighting fixtures), or exterior work such as landscaping or building a fence or patio. Some homeowners renovate for purely aesthetic reasons, while others seek to increase the resale value of their home or make it more functional.
Home improvements are a major source of revenue for construction companies and contractors, as well as home goods retailers such as Home Depot. According to the American Housing Survey, homeowners spent an average of $11,900 on home improvements in 2023. The most common projects included upgrading heating, ventilation and air conditioning systems and kitchen and bathroom updates.
Some homeowners also opted to install smart technology in their homes, such as a smart thermostat or refrigerator. These devices can help reduce energy consumption, as well as provide alerts when an appliance needs servicing.
Ultimately, the main reason for home improvements is to increase one’s enjoyment of their home, but it can also be done to address maintenance issues or improve a property’s safety and security. For example, replacing a worn-out roof or fixing electrical problems is an essential part of maintaining a safe and secure dwelling.
When deciding which projects to undertake, homeowners should consider their long-term goals for the home and speak with a Realtor to find out what projects are likely to add the most value. It’s also important to choose reputable contractors and do background checks, such as checking licenses and insurance and requesting business references.