Home improvement (also known as home renovation or remodeling) refers to any work performed on a residential or noncommercial property that improves its functionality and appearance. It includes both exterior and interior changes.
Several types of businesses contribute to the home renovation industry, including supply stores, home improvement magazines, DIY websites and professional associations for architects, architectural technologists and interior designers. Aggregators, which bundle service offers and act as intermediary agencies between service providers and customers, also play a role in the industry.
Many homeowners believe that home improvements, especially kitchen and bathroom remodels, will increase their home’s value and help them sell the property. However, this is not necessarily the case.
In fact, many people use home renovation as an excuse to spend more money they don’t have rather than saving and paying cash for the upgrades. This may be a strategy that’s useful for those who are unable to save or are hesitant to budget and plan ahead, but it doesn’t add to the home’s equity in any way.
In addition to adding a new look and feel to a house, home improvements can protect it from hazards and improve its safety. These include fire sprinkler systems, storm cellars and bomb shelters, backup generators and solar heating and cooling systems. Other common home improvements are driveways, porches, garages and swimming pools. Some home improvement projects can be done by the homeowner, while others require the services of a licensed contractor or professional handyman.