Home improvement is the renovation of existing homes for the purpose of increasing their comfort, functionality and resale value. It can include upgrading or replacing components and features, or adding new ones. The term may also be used to describe maintenance tasks such as painting, cleaning gutters, or resurfacing sidewalks.

American homeowners sprang into action during the pandemic, but their remodel plans are expected to slow down after it ends, reports the Joint Center for Housing Studies of Harvard University. According to the 2021 American Housing Survey, people who are 55 and older accounted for a full quarter of all home improvements, which ranged from installing new kitchen appliances to turning garages into additional living space.

Many of the most popular projects were relatively inexpensive: laying new tile, refreshing shower areas, and adding lighting are among them. However, not all upgrades offer the same return on investment. A high-end marble bathroom might make your house look amazing, but a potential buyer will likely prefer a more basic style. Also, a garage conversion will increase the living space of your house, but you might not recoup the cost when you sell it.

Home improvement loans are available through lenders such as Bank of America and Fannie Mae, which are backed by the government. These loans are secured, meaning they’re based on the equity in your home. They also have lower interest rates than unsecured loans and are repaid over a predetermined period. You can also get a home equity line of credit, which is a revolving line of credit that allows you to draw against your equity as needed and pays interest only on the amount you withdraw.