Home improvement is a popular pastime, and it’s also an excellent way to boost your home’s value. Home renovations can increase your property’s resale value and add comfort to your living space. However, it’s important to know how much you should spend on home improvements and the return on investment (ROI) for each project.
While home improvement projects can be expensive, there are a variety of financing options available to make them more affordable. You can take out a personal loan, apply for a home renovation loan or use a home equity line of credit (HELOC). You should always review the terms and conditions of each type of financing before making a decision.
Some home renovations have a higher ROI than others, but homeowners should be careful not to overspend. The ROI for many projects can drop significantly if you don’t choose the right materials or hire a skilled contractor. In addition, not all upgrades will add value to your home. Some might even decrease your home’s resale value.
During the COVID-19 pandemic, many homeowners were forced to spend more time at home and took advantage by tackling DIY home improvement projects. A NerdWallet survey found that 3 in 5 homeowners completed home improvement projects since March 1, 2020, and spent $6,438, on average. However, most of these projects weren’t done with the intention of attracting future home buyers. Instead, the majority of respondents said they did these projects because they wanted their homes to be more comfortable and feel more like “theirs.”
Inflation is currently at one of its highest points in decades, and some homeowners are putting their major home improvement plans on hold. Other factors might also be at play, such as uncertainty about the economy and whether or not a recession is in the works.
Even so, homeowners are still interested in doing low-cost home improvement projects that have high ROIs. These projects can be a great way to boost your home’s value without going into debt or ransacking your savings. Examples include painting, re-grouting tile and power washing your home’s exterior.
Home improvement shows are a big part of American culture, and some have even been turned into movies and TV series. Several of these shows have garnered critical acclaim, and some have even won awards and nominations. The original Home Improvement starred Tim Allen, Richard Karn and Casey Sander and ran for eight seasons. The show ended with a reunion special in 2003, which featured Allen sharing favorite clips from the series, insider tips and a Q&A with fans. The show was nominated for multiple Primetime Emmys and won a Kids’ Choice Award.