Home improvement is the process of making improvements to a dwelling, such as adding rooms or changing its appearance. The term home improvement can also refer to the process of maintaining or repairing a house, car or other piece of property. There are many different types of home improvement projects, and they can range from a simple DIY project to a major remodel or addition. Some homeowners choose to do their own remodeling, while others hire professionals to complete the work.
Increasing home prices and improved mortgage rates have led to increased interest in home renovations. The National Association of Realtors reports that in 2017, Americans spent a record $580 billion on home improvements, with adults 55 and older leading the way. This spending trend may be due to both a desire to customize one’s living space and the perception that finished renovations motivate consumers to spend even more on additional home enhancements.
Although many home improvement projects have a positive impact on a homeowner’s quality of life, it is important to recognize that not all investments yield a high return or add value to the home. The term “return on investment” can be misleading and should be clarified. Generally, only projects that are considered capital improvements can be added to or subtracted from a property’s cost basis when it is sold. These include repairs to damaged or worn-out items, as well as certain energy-saving projects.
It is also important to remember that a home’s resale value will only increase if the improvements are attractive and of midrange or higher quality than those of one’s neighbors. It is not desirable to invest in high-end upgrades that are unlikely to appeal to a wide variety of buyers. Some popular home improvement projects include upgrading the kitchen with new appliances and materials, renovating bathrooms and adding an extra bedroom or bathroom.
The show’s success led to a spin-off series called Tool Time, which ran for two seasons before the original Home Improvement ended its run on September 28, 1998. In the final episode, Randy left to attend an environmental studies program in Costa Rica, and his absence was explained by a voice-over from a terminally ill Earl Hindman (who died shortly after the final episode aired). During the series’ eight-season run, the cast of Home Improvement received numerous awards and nominations. Tim Allen, Richard Karn, Casey Sander and Debbe Dunning reunited for a TV special called Tim Allen Presents: A User’s Guide to Home Improvement in 2003, where they presented favorite clips from the show, insider tips and a Q&A session with the audience. The special was nominated for a Primetime Emmy Award. A live DVD of the event was released in 2004.