Home renovation projects can differ considerably in scale. The Joint Center for Housing Studies at Harvard University estimated that home improvement project spending increased in the United States from $328 billion in 2019 to $472 billion in 2022. Spending is forecast to hit $485 million in 2023.

Home renovations typically involve repairing or restoring some aspect of a home to its original condition. Property owners should discuss all aspects of specific renovation projects with knowledgeable construction professionals but can expect to spend upwards of $15,000. Bathroom renovations have proven particularly expensive, jumping 38 percent from 2020 to 2021.

Home renovations may involve a single area or multiple rooms. Whatever the strategy, homeowners should make changes that provide greater functionality. Residents renovating homes they intend to keep should prioritize renovations where they are most needed. For instance, homeowners who cook frequently but do not entertain guests should increase cabinet and counter space in the kitchen instead of remodeling the dining room.