Home improvement is the repair, remodeling, altering, restoring, or modernizing of any part of the interior or exterior of a residential building. This includes, but is not limited to: drywall, carpeting, linoleum, windows, doors, cabinets, woodworking, fences, landscaping and other nonpermanent construction.
It’s easy to get caught up in the excitement of a renovation project. However, it’s important to consider resale value when choosing upgrades. Overly expensive materials may not appeal to potential buyers and might increase your costs. It’s also a good idea to update your home insurance policy as you remodel, especially if the home’s value increases significantly.
Some experts predict that in 2023, homeowners will spend less on major renovations and instead focus on smaller upgrades that improve the home’s function and aesthetic. For example, replacing old vinyl windows with new energy-efficient models is an inexpensive way to lower home energy costs. Similarly, installing a heat pump or adding insulation will decrease utility bills and pay for themselves over time. Homeowners will also invest in projects that make their homes more resilient against natural disasters such as hurricanes and floods.