Home improvement, a construction-related activity that upgrades the look or function of an existing residential property, is a popular hobby and a huge business. The television schedule is crowded with shows like Fixer Upper and This Old House, which give viewers ideas for tackling projects themselves or hiring professionals to get the job done. Many homeowners renovate to add value to their homes, either for resale or to make their living space more comfortable. Others are motivated by safety concerns or a desire to protect their investment.
A kitchen remodel, a new deck or an extra bathroom are popular home improvements that can increase the living space and boost home value. A new roof or upgraded energy-efficient windows are other projects that can provide a high return on investment. Some homeowners renovate to make their houses more functional for their families, such as adding a master suite or converting a basement into a family room.
While it’s important to consider the cost-effectiveness of any renovation, it’s equally important to do your homework on what projects will add value and which ones won’t. Some home improvement projects don’t even add value or can actually decrease your home’s resale or rental potential.