Home improvement is the work you do to a house or apartment to make it better. It can include remodeling, adding rooms, and fixing things. Home improvement is important because it makes a house more functional and attractive. It can also increase a property’s value.
There are certainties in life: death, taxes and if you’re a homeowner, unexpected repair projects. These can be in the form of a leaky roof or a flooded basement, but they may also be an added bedroom or a patio deck.
A well-planned home improvement project can add both beauty and function to your property, making it more enjoyable for you and any future owners. But, it’s important to keep in mind that if you overspend, you may lose money when it comes time to sell.
The majority of home improvement projects are done by homeowners themselves, according to the NerdWallet survey. Most of these projects are fairly simple and inexpensive, such as painting a room or replacing worn doorknobs. Others are more expensive, such as adding a new bathroom or kitchen, which can add up to a significant amount of money.
When it comes to financing home improvements, the survey found that 76% of projects were paid for with cash from savings. The remaining 6% of projects were paid for with sources like home equity loans, cash-out refinancing, credit cards and contractor-arranged financing. However, experts say it’s best to avoid going into debt for home improvements if you’re planning to sell your home in the near future.