Home improvement is the altering, renovating, repairing, restoring, or modernizing of any part of a residential building. It also includes adding on to or enlarging an existing house.

The most popular home renovations include refreshing shower areas, updating vanity sinks and installing new lighting fixtures. Replacing windows is another common project that adds value and can lower energy bills. Homeowners are often tempted to go overboard on home improvements, but it’s important to stick to a budget and choose updates that will add value and appeal to potential buyers.

It’s a good idea to obtain multiple estimates from contractors before beginning a project. A clear list of work that needs to be done will help you to negotiate prices and avoid any surprises. This will also help you weed out unscrupulous contractors who might try to convince you to have additional work done that isn’t necessary.

Home improvement spending has rebounded in recent years, with homeowners 55 and older being a significant driving force. A few factors have contributed to this increase: rising housing prices, more available equity for home improvement loans, and a growing population of baby boomers who are financially equipped to do home renovations.

Before making any major renovations to your home, be sure to update your home insurance policy. As your home’s value increases with renovations, it’s possible that your old policy may not provide adequate coverage. Talk to a home insurance specialist to ensure you have the right coverage.