Home improvement refers to any project that improves the appearance or function of a home, such as remodeling a room, adding an addition or installing new fixtures. Home improvement projects can add value to a home and make it more livable for its current owner, or they may increase the property’s marketability when it comes time to sell.
Some home improvements are more expensive than others, but a good contractor can help homeowners budget for the best return on their investment. The most valuable home improvement projects typically involve kitchens and bathrooms. It is important to keep in mind, however, that a buyer’s tastes may differ from the homeowner’s and that even if a project appears to be cost-effective, it may not pay off in terms of added value to the property.
Homeowners should also consider their motivation for undertaking a project. Generally speaking, the majority of renovations are not done to boost property values, but rather to create a more comfortable and functional living space. According to a 2024 survey conducted by Improovy, the top motivating factor for homeowners who undertake home improvements is to improve their quality of life.
Conventional wisdom suggests that kitchens and baths are the top areas to invest in when it comes to home improvement, but the reality is that there are many other ways for homeowners to add value and a personal touch to their homes without going into debt or ransacking their savings accounts. Painting, re-grouting tile, and power washing are all simple yet effective home improvement ideas that can be accomplished for very little money.
Another way to enhance a home’s appearance is by investing in landscaping. This is a project that can be relatively inexpensive, but it will certainly make a big difference to a home’s curb appeal. Planting flowers and shrubs is a simple way to add color, while adding a pathway and a front door accent can immediately upgrade the appearance of a house.
Those looking for a more in-depth and expensive home improvement project should consider hiring a professional designer to create a custom interior or exterior design scheme. An experienced home designer can provide invaluable assistance to homeowners, allowing them to avoid costly mistakes and maximizing the value of their home’s equity.
Before deciding to hire a contractor for any home improvement project, it is important that the homeowner carefully research each potential candidate. A good place to start is by asking friends and neighbors for recommendations. Then the homeowner should check the contractor’s license, insurance and business references before making a final decision.
Homeowners should also understand that there is a difference between a tax deduction and a credit. Deductions can only be applied against the taxpayer’s taxable income, while credits can be used towards the purchase of qualifying home improvement materials. For this reason, it is important that the homeowner thoroughly research the differences between each type of tax break before committing to a specific home improvement project.