Home improvement is the process of enhancing and maintaining a home, including reworking interiors to meet personal tastes and needs. It also involves making a house safer and more energy-efficient. Home improvements can be costly, but there are many ways to reduce the costs. For example, a homeowner could save money by painting the kitchen instead of replacing it. Other common projects include repairing the roof, laying new tile, and adding an extra bathroom or bedroom. Some home improvements are even tax deductible.
It’s important to think about the reasons for a renovation project before starting, such as whether you’re planning to sell your home soon. It’s also wise to consider how the upgrade will impact your insurance. Talking to a home insurance pro can help.
Some projects are more likely to add value than others, but the resale value of your home is also impacted by external factors like your neighborhood’s average price and the overall market conditions. Also, the more expensive your upgrades are compared to those of your neighbors, the less they will boost resale value.
For example, installing a new swimming pool might be a popular way to enhance your home’s outdoor space, but it can have a negative impact on resale value if it’s disproportionate to the rest of the neighborhood. Likewise, an in-house movie theater may impress movie lovers, but it might not appeal to potential buyers who prefer more versatile living spaces.