Home Improvement – A Multibillion Dollar Industry

Home improvement, also known as home renovation or remodeling is the process of altering the interior or exterior of a dwelling to improve its function and appearance. Home improvement projects can include anything from changing a paint color to a full scale remodel and should always be done with the homeowners comfort and safety in mind. Home improvements can also be a great way to increase the resale value of a house.

In the United States, home improvement is a multibillion dollar industry. The National Association of Home Builders estimates that Americans spent more than a half-trillion dollars on home improvement projects in 2021. Most of that money was spent on kitchens and bathrooms, but there were also major spending increases for adding new decks or building fences. However, many homeowners who planned home improvements say that inflation and fears of a recession will influence how much they spend in the future.

The home improvement industry grew out of the post-World War II housing boom. Government mortgage insurance programs encouraged home buying, and highway construction fueled the growth of suburbia. The popularity of television home improvement shows, such as Bob Vila’s This Old House and the show Home Improvement starring Tim Allen, helped to expand the industry even further by demonstrating the value and desirability of various renovation projects.

There are numerous benefits to home improvement projects, including a general sense of personal pride and accomplishment. However, it is important to weigh the pros and cons of each project carefully before beginning. In addition, it is important to find a trusted contractor and perform due diligence prior to hiring anyone to work on your home. This includes checking license and insurance, performing background checks, and obtaining business references. Additionally, it is a good idea to shop around and get multiple quotes from different contractors before making a decision.

Despite a recent cooling of the Covid-19 pandemic-era renovation craze, many homeowners still undertake home improvements on a regular basis. According to the American Housing Survey, householders report having completed a total of 135 million home improvement projects between 2019 and 2021. Those projects cost an average of $4,838, which included everything from security system installations to painting walls.

The most common reasons given by homeowners for undertaking these projects were to make their homes more comfortable and to feel more satisfied with them, rather than to appeal to potential buyers. Other popular reasons for home improvements include rewiring electrical systems, upgrading heating and cooling equipment, adding energy-efficient windows or doors, and renovating kitchens and baths.

In many cases, home improvement projects can be completed by the homeowner on a budget, although many choose to hire professional contractors to complete more complex or time-consuming tasks. In fact, there are several companies that specialize in aggregating home improvement offers and providing customers with competitive pricing from prescreened and licensed service providers. These companies also offer a number of other services, such as customer support and financing options.