Home Improvement – What is it and Why Should You Do It?
Home improvement is a general term used to describe the renovation, repair, or decoration of homes and residential buildings. It includes work such as installing, painting, or repairing driveways, sidewalks, swimming pools, patios, decks, fences, and landscaping. It also covers interior work such as remodeling kitchens and bathrooms, replacing flooring, or adding rooms. In addition, it can refer to a variety of specific projects such as adding solar panels, improving energy efficiency, and replacing windows.
In the United States, spending on home improvement has increased during recent years. However, homeowners are not completing all of the projects they plan to do because of financial constraints and uncertainty about the impact of the coronavirus pandemic on the housing market.
A number of factors are driving the increase in home improvement spending, including a rebound from the Great Recession and a shortage of new construction. The most popular project among homeowners is a bathroom remodel. The average homeowner spends $19,000 on a bathroom remodel, according to Houzz. Other common home improvement projects include installing a new kitchen, renovating a basement, and updating the roof or siding.
Oftentimes, homeowners make improvements because of their desire to live in a more attractive or functional space. For example, a homeowner may want to add a second bathroom because of busy family schedules. Other reasons for making improvements can include a desire to make a home more energy efficient by replacing old windows or by adding insulation. Homeowners can save money by carefully estimating the cost of a home improvement project and allowing for a buffer to avoid budget overages.