Home improvement is the act of improving, repairing or renovating one’s living space. It includes interior and exterior work on structures such as homes, lawns, gardens, garages, porches, patios, decks, and even swimming pools. Home improvement also includes upgrades to electrical, plumbing, and heating systems. Other types of home improvements include room additions, roof repair and replacement, kitchen and bathroom remodels, windows and doors, flooring, and more.
According to the American Housing Survey, which is conducted every two years, homeowners reported spending an average of $7,000 on home improvement projects in 2022. Although JCHS predicts that home improvement spending will decline in 2023 due to housing market issues and rising labor costs, many homeowners still find satisfaction in investing in their homes.
A homeowner’s ultimate goal with any renovation project is to improve the livability of their home and increase its value for resale. However, not all home improvement projects are created equal. It is important for a homeowner to carefully consider what projects are the most cost recovery and which will bring the most joy to their home life before embarking on a project.
Whole house renovations are expensive, but there are plenty of inexpensive DIY home improvement projects that will add value to a property. Repainting a front door, re-grouting tile, or power washing the exterior of your home are all easy and effective projects that won’t break the bank. If you are preparing to list your home, these do-it-yourself projects will help you achieve a higher resale value.