Home improvement is the process of repairing, modifying or renovating existing residential or non-commercial property. It also includes replacing or adding features to it such as driveways, walkways and patios, fencing, landscaping, insulation installation, water heaters, window replacements and new paint. It can also include converting rooms into others like adding an extra bathroom or living space, making the house more energy efficient by upgrading the heating and cooling system or even installing renewable solar resources. It also involves making accessible modifications for individuals with physical disabilities.
The terms home improvement and remodeling are often confused with each other, but there is a difference between them. The main difference is the scope of the project.
A home improvement usually involves cosmetic changes and repairs while a remodel generally implies major structural changes to the living space. The latter might involve changing the floor plan, removing walls to create an open concept and making additions. Remodeling may require more time to complete than a renovation and can also be more expensive.
Before starting your home improvement or remodeling project, decide what you want to achieve and work out a budget. A clear goal can help you stay focused and make better decisions. It also helps to keep your expectations realistic and avoid any frustrations. Depending on the city in which you live and the nature of your project, you might need to acquire permits or pay for licensing fees. Some professionals will acquire them on your behalf, but it is best to check with the city before starting.
You should also consider the location and values of your neighborhood. It is advisable to make upgrades that will increase your home’s value. This is because a home with a good return on investment will make it easier to sell at a later stage. Choosing projects that fit in with the style of your neighborhood and are in line with other homes in the area will ensure this.
If you are looking to add value to your home, it is also important to consider future buyers when choosing projects. For instance, a backyard basketball court might not be appealing to all potential buyers and could deter them from buying your home.
A good idea is to research your local real estate market and find out what projects have successfully increased property values in your area. This will help you determine which projects are worth pursuing and those that you might want to skip.
Lastly, you should consider your financing options before undertaking a home improvement or remodeling project. You can use personal loans, mortgages and equity lines of credit to finance your project. In addition, you can also use your savings to fund the project or ask a family member for assistance. However, you should be aware of the risks associated with borrowing money. For example, you might not be able to repay your debts if the value of your home declines.