Home improvement is a great way to increase the comfort and functionality of your house, as well as adding to its resale value. But it’s important to weigh the potential return on investment against your available budget before starting any renovation projects.
Some home improvement projects simply can’t wait, like fixing an electrical problem or a leaky roof. These are essential repairs that you should address as soon as possible to avoid more costly damages and to keep your family safe.
Other home improvements can add more living space and upgrade the look and feel of your house, such as a kitchen renovation or an addition to your garage. You can also make your home energy efficient with new insulation and heating, ventilation and air conditioning systems.
The home improvement industry has been thriving even during the pandemic, with Americans spending more money than usual on renovations. But the current economic uncertainty and predictions of a slowdown in 2024 may dampen home improvement spending for the near future.
Three-fourths of homeowners who’ve done home improvement projects in the past two years say they were able to pay for most of their project without tapping into savings or going into debt, according to our September survey. But this does depend on how the project was managed and how much you paid for materials. If you financed the work with a loan, it’s crucial to understand the terms and repayment obligations before you sign on the dotted line.