Home improvement is a broad term used to describe projects that improve the interior or exterior of a residential property. These projects can include anything from painting to adding a room. They may also include installing new fixtures or appliances or upgrading heating, ventilation and air conditioning systems.

Homeowners have developed a renewed interest in renovating their homes. In 2022, they spent an average of $4,838 per project. This is up from a 2019 average of $328 billion and represents the highest level of home renovation spending in nearly three years.

This increase in remodeling has been attributed to the pandemic and the desire of homeowners to make their homes safer and more comfortable. However, a home renovation isn’t always a great investment. In fact, very few home improvements ever fully recoup their costs. This article explores how home improvement projects have evolved, statistics for the most popular projects and advice to help you determine whether a home renovation is right for you.

The most common home improvement projects are kitchen and bathroom renovations, followed by new windows, a patio or deck addition, security system installations, and roof replacements. These projects can vary greatly in cost depending on the scope of work and materials used. It’s important to create a detailed list of what needs to be done before starting any work and to get estimates from multiple contractors. This will prevent you from getting overcharged by unscrupulous contractors who might try to add extra work that you don’t want or need. It will also help you avoid surprises.

While the most popular home improvements are those that make a house more comfortable for its residents, many upgrades don’t add value to the home. In fact, only 20% of homeowners who plan to take on home improvement projects in the next two years say they’re doing so to make their home more attractive to potential buyers. The vast majority of these homeowners cite other reasons for taking on a project, including making their home more enjoyable (54%), feeling better about their home (34%) and fixing safety issues (23%).

If you’re considering a major home improvement project, consider talking to a financial planner or certified home financial advisor. They can help you determine whether the project is worth the expense and how much debt you should take on to finance it. It’s also important to talk to a home insurance agent to ensure your policy is up to date and that you have the proper coverage for any added value to your home.

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