Home improvement, also called home renovation, is the process of renovating or making additions to one’s house. This may include renovating or adding to rooms such as bathrooms, bedrooms, kitchens, basements, and garages, as well as repairing damage, such as fixing broken windows or replacing worn flooring. It also includes landscaping and other outdoor maintenance and improvements such as decks, fences, pools, or hot tubs. Home improvement is a huge industry, and it has seen strong growth in recent years, particularly during the pandemic. Companies such as Home Depot have enjoyed record revenues.
In some cases, homeowners will undertake home improvement projects for purely functional reasons, such as adding a new bathroom or a second kitchen. In other cases, they may wish to increase the value of their home or make it more attractive to potential buyers. Return on investment (ROI) is a common measure used to evaluate the worth of a home improvement project. Various methods can be employed to calculate ROI, and the results vary considerably.
Many people turn to television shows such as Bob Vila’s This Old House to get ideas about home improvement projects, and this has helped the industry grow. Historian Carolyn Goldstein argues that this phenomenon was part of a larger trend towards DIY in 20th-century America, which included a renewed interest in handicrafts, as evidenced by the popularity of crafts stores and the proliferation of crafts books. This DIY culture, in conjunction with the availability of cheap imitation molding and other Victorian-style decorations, contributed to a widespread fascination with historicizing suburban homes. Advertisers for home improvement products, such as power tools, tapped into this desire by emphasizing the masculine nature of such work and promoting the notion that home improvements were a good way to bond with your husband or son.
Another aspect of the home improvement industry is the emergence of contractors who specialize in certain types of projects. For example, there are companies that specialize in drywall installation, cabinetry, and tile work. This has led to a greater variety of options for homeowners who are looking to remodel their homes, and it can also be more cost-effective than hiring a general contractor.
It is important to remember that not all home improvement projects will increase a home’s value. In fact, some projects might even decrease a home’s value if they are overdone or do not fit in with the style and values of other homes in the neighborhood. For this reason, it is a good idea to consult with a real estate agent before undertaking any major home improvement projects. This will help to avoid spending money on projects that will not pay off when it comes time to sell. It is also a good idea to avoid going into debt for home improvement projects, as this can be very expensive in the long run. Instead, save up for the project and use cash, if possible. This will minimize the amount of money that is paid out in interest charges.