Home improvement, also known as home renovation, is the process of improving the interior or exterior of a home, such as remodeling a kitchen, bathroom or bedroom. It is a common practice among homeowners, and can be achieved through either DIY (Do-It-Yourself) projects or hiring professionals. Home improvement can be a profitable business for contractors and tradespeople, especially those with expertise in areas such as roofing, plumbing and heating, electrical work, and cutting through walls. It is also a popular pastime, and is often showcased on television shows such as Fixer Upper, This Old House and Home Improvement.
While some home improvements add value, others do not. It is important to weigh the return on investment (ROI) of a project against the cost before deciding to move forward with it. A high ROI indicates that the project will pay off in terms of a higher selling price when it is time to sell, while a low ROI means the project won’t be worth the investment.
Homeowners have been spending more time at home during the pandemic, which has helped boost sales for companies such as Home Depot. However, many are reluctant to allow home repair and improvement professionals into their homes due to the coronavirus lockdown. It is also important to avoid over-improving a home, particularly if it will be sold soon. A highly personalized renovation, such as a hot tub in the backyard or a fountain that is too expensive for the neighborhood, can detract from a home’s value.