What Are the Most Common Home Improvements?
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Home improvement is one of the most popular things homeowners do. In fact, there are a lot of shows on television about it: Fixer Upper, This Old House and so on. However, it’s one thing to watch these shows and another to actually tackle a renovation project yourself. But before you pick up the sledgehammer, there are some important questions you need to ask yourself. For instance, what are the most common home improvements? And which ones will actually make your home worth more?
Homeowners spent a record $522 billion on home improvement projects in the last two years, according to the Census Bureau’s American Housing Survey. That’s a $72 billion increase from the previous two-year period. And the typical homeowner spent $6,438 on those projects.
Most of the money for these projects came from savings. But about a third of homeowners used other sources to pay for their projects, including cash-out refinancings, home equity loans and contractor arranged financing. About 6% of respondents said they paid for the majority of their projects with something else—like credit cards or personal loans from friends or family members.
Many of these projects focused on work that took place outside the home, such as constructing decks, building fences and hiring landscapers. The reasons for this are likely multiple, including rock-bottom interest rates and a desire to make the outdoors of the home more comfortable.
Some of these projects also were designed to improve the home’s resale value. Adding a new kitchen or bathroom may boost the home’s value, and so might replacing outdated appliances with energy-efficient models. But not all improvements are created equal, and some can actually hurt a home’s resale value.
It’s important for homeowners to understand the difference between “home improvement” and “remodeling.” A remodel is more extensive and transformative, while a home improvement can be less expensive. For example, a new kitchen or bath is a remodel, but changing a light fixture or painting is not.
Whether you’re considering a big home improvement or simply want to spruce up the exterior of your house, it’s important to have a solid plan in place. It’s also a good idea to find a contractor with experience and references before committing to any project. And be sure to get a written contract before starting any work.
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