Home improvement is the repairing, remodeling, altering, upgrading, or adding to the structure of residential real estate. This includes, but is not limited to, installing new roofs, repaving driveways, renovating kitchens or bathrooms, putting up fences, and so on. These projects can be very expensive, but they can also add significant value to your home. The best DIY home improvement ideas are those that increase your house’s overall value without breaking the bank. Painting, re-grouting tile, and power washing the exterior are examples of cheap home improvements that can make your house look like new.
According to a survey by NerdWallet, nearly 3 in 5 homeowners have completed a home improvement project since March 1, 2020. Homeowners who did home improvements during this time spent an average of $6,438, on average, on those projects. The categories with the biggest spikes were repairing or replacing windows, laying carpets or wood floors, and building decks or fences.
These figures are up significantly from what they were in the first quarter of 2020, when only 2 in 5 Americans completed a home improvement project. The biggest surges in home improvement work happened in the backyard, with people repairing or putting up fences and landscaping their yards more than twice as much as they did in the first quarter of this year. People were also nearly three times as likely to build a deck and two-and-a-half times as likely to hire someone to put in a garden or landscape their yard.
Aside from boosting your property’s value, these DIY home improvement projects can also save you money that you would have otherwise had to pay a contractor. It’s important to remember, however, that you should always get a professional’s opinion before embarking on any major home improvement projects. You may find that you don’t have the skills to complete a certain renovation, or you might do more harm than good by trying to cut corners.
Another thing to keep in mind is that any home improvements you make can impact your home insurance. When you’re making major upgrades, it’s a good idea to consult with a home insurance pro so that your policy remains up to date and offers the appropriate level of coverage. Also, as your home’s value rises after completing any renovations, you may need to upgrade your home insurance policy. A good agent can help you determine whether your current home insurance is sufficient or if you need to consider a new policy. They can also assist you with finding a competitively priced option. If you do choose to purchase a new home insurance policy, be sure to get all promises and guarantees in writing. This will ensure that you’re covered if anything goes wrong. This is especially true for any major home improvements that require a permit or compliance with local codes and regulations.