The term “Home improvement” encompasses any project or work done to a dwelling or to a structure attached to it, such as a garage, gazebo, or swimming pool. It can also include landscaping, paving, painting, and other general repairs to the property. Home improvements can increase a home’s value or livability, or may simply improve its aesthetic appeal. The return on investment for home renovations can vary widely depending on the type of project and its costs.
A big reason the pandemic fueled an uptick in home improvement is that more people were spending time at home. In a recent survey by NerdWallet, 3 in 5 homeowners who did renovations within the past two years cited spending more time at home as their motivation for those projects. Many surveyed also reported feeling more satisfied with their homes after the renovations were completed.
Another big factor is that rock-bottom interest rates have made financing a home improvement much more attractive. In addition, homeowner satisfaction has reached an all-time high, according to a new report by the National Association of Realtors.
While many homeowners believe that home improvement projects will boost their resale value, not all are created equal. Some renovations can actually decrease a home’s value by adding excessive cost and detracting from the overall look of the house. Read on to find out which home improvement projects are worth the money and which are best avoided.