Home improvement is a broad term encompassing any activity undertaken to enhance a residence, such as repairs, maintenance, remodeling, and additions. Many homeowners engage in home improvement as a way of enhancing their own living experience, while others seek to increase the value of their property before selling. Some projects may require expert assistance, but a growing number of do-it-yourself (DIY) projects are available to those with the time and motivation to undertake them. Hardware stores, big box retail chains, and even online resources offer a wide variety of tools, equipment, and materials to the do-it-yourself homeowner.
Some home improvements can significantly add to a house’s resale value. However, the return on investment for a renovation depends not only on cost but also on the market and on external factors such as the condition of other homes in the neighborhood. Creating a new master suite, for example, is one of the most expensive home improvements, but it will likely not pay off in the long run if the surrounding homes do not follow suit and increase in value.
Whenever possible, homeowners should try to avoid spending money on high-end renovations that do not necessarily pay off when it comes time to sell. Instead, look for low-cost upgrades such as re-grouting tile, power washing the outside of the house, or painting. If you are planning to sell your home in the near future, it is a good idea to consult a real estate professional to get advice on which renovations will add the most value.