Home Improvement 101

Home improvement

Home improvement, also known as home renovation, is a broad term for projects that renovate or add to a house. These projects can include anything from upgrading a bathroom to adding a deck, and typically involve remodeling work in the interior of the house as well as exterior work like painting, yard work, paving and installing additions such as driveways or porches.

In recent years, home improvement has become a major industry, spurred on by a number of factors. Rising housing prices have increased homeowners’ equity, which has made them more willing to spend money on improvements; low interest rates have made financing easier and more attractive; and aging baby boomers are in the midst of a life stage when they are most likely to undertake remodeling projects.

Depending on your goals and budget, there are many different ways to go about home improvement projects. Some people use cash from savings or other sources, and others turn to credit cards to finance projects. A third option is to obtain a home equity loan, which works much like a second mortgage and allows you to borrow against the value of your home. However, keep in mind that you will be required to pay taxes on the amount of equity borrowed.

Whether you’re considering whole-house renovations or simply need to fix a leaky faucet, there are many do-it-yourself home improvement projects that won’t break the bank. Putting in a new front door, for example, can be one of the best ways to add curb appeal. And a fresh coat of paint can make any room feel more updated. Likewise, planting a few herbs in the garden can give you delicious vegetables all summer long.

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