Home improvement is a big business. According to the Joint Center for Housing Studies of Harvard University, homeowners spent $472 billion on home renovation projects in 2024. The term “home improvement” is often used to refer to remodeling and constructing additions to one’s house, but it can also mean renovating bathrooms, kitchens and other rooms to improve their appearance and functionality.
A new coat of paint, a fresh landscaping job or adding a fence can add value to your property and make it more appealing to potential buyers. Other popular home improvement projects include installing an extra bedroom and bathroom, putting in a new deck or patio, and replacing doors and windows.
Many homeowners do home improvements to make their living spaces more comfortable for themselves and their families, but others want to increase the resale value of their home. However, not all upgrades will add value and some may even decrease the resale price of your home.
Some of the most popular home improvement projects are also the most expensive, but there are ways to upgrade your home without breaking the bank. Painting, re-grouting tile and power washing your exterior are simple and affordable do-it-yourself projects that will increase the value of your home. Other less costly upgrades such as replacing outdated fixtures and appliances with more energy-efficient models can help save money in the long run. Be sure to consult with a real estate agent before tackling any major home improvement projects that could potentially negatively affect your home’s value.