Home improvement refers to the repairing, remodeling, altering, converting, or modernizing of residential buildings. The term also applies to the construction, erection, or replacement of driveways, swimming pools including hot tubs, patios, decks, porches, awnings, storm windows, garages, fallout shelters, and other improvements to a home’s exterior or interior.
A common home improvement project is adding a new bedroom or bathroom to your house. This upgrade can make life at home more comfortable, especially if you have children or guests who visit frequently. Adding a bathroom or bedroom can also boost your home’s value, and it may increase the amount of time that you spend at home, according to the National Association of Realtors (NAR).
NAR’s 2022 Remodeling Impact Report found that homeowners are more satisfied with their homes following renovations. In fact, 84% of those surveyed reported increased happiness with their homes and 77% wanted to stay in their renovated homes after moving out.
But not all home improvement projects are created equal. Some are more likely to add value than others, while other renovations may only help you recoup the costs when you sell.
Regardless of the project, it’s always wise to compare estimates before hiring contractors for any type of work. Prices can vary significantly between contractors, and their quality of work and reliability can be just as variable. Consider a contractor’s reputation, experience, and ability to meet deadlines when making your decision. You can find many reliable contractors through referrals from friends and family, and local business associations.