Home improvement is a general term that can encompass anything from painting a room to installing a new kitchen sink. However, most homeowners consider a project to be a home improvement if it increases the home’s value or makes living there more comfortable.
Many homeowners are taking on home improvement projects this year. Some are renovating to sell, while others are doing them for personal satisfaction or comfort. Regardless of the motivation, it’s important to choose wisely and stay within budget.
Neglecting routine maintenance can cost you more in the long run. It also can cause problems when you’re ready to sell. A home inspector can quickly find issues that you’ll have to pay to fix. For example, a buyer may reject your home because of the need for a roof repair or a clogged gutter.
According to NerdWallet’s 2021 Home Improvement Survey, most homeowners (75%) are able to afford the majority of their projects without tapping into savings or going into debt. And while some homeowners do go into debt for large-scale projects, that’s generally not a smart move. It’s far better to save up for a renovation over time than to finance it through an expensive loan.
When it comes to return on investment, sparkling bathroom overhauls and kitchen remodels typically deliver the best ROI values. Basement remodels, on the other hand, often lag behind in that department. But not all home improvements provide the same return, so you’ll want to weigh your options carefully before committing to a major project.