Home improvement includes the remodeling, repairing, restoring, modernizing, and other changes to the interior and exterior of a residential building or non-commercial structure. Some examples of home improvements include adding a room, upgrading the kitchen or bathroom, installing insulation, putting in a new roof, or replacing windows.
Those projects that have the greatest impact on your home’s value are those that will add living space, such as expanding a kitchen or adding a bedroom and bathroom to the main floor of your house. You can also increase your home’s resale value by upgrading the electrical system, making energy-saving upgrades and/or finishing the basement.
When it comes to paying for your home improvements, avoid going into debt if possible. That will mean that you save up for a while before beginning the project, or that you work with a contractor who can offer payment terms that allow you to pay them off in a timely fashion. Using cash is even better, but many people don’t have enough money set aside to afford such expenses.
If you’re thinking of doing a major renovation, talk to a real estate agent about what types of improvements will increase your home’s value. If you’re planning to sell your home in the near future, this is especially important. And remember, you’re only going to get a return on your investment if the upgrades will appeal to most buyers. For example, a hot tub in the backyard might not be well-received by buyers with small children or elderly relatives.