Home improvement is an industry that includes all goods and services involved with the remodeling, renovation, repair, and upgrade of homes. This includes the sale of building materials, appliances, decor, and tools to complete projects. It also encompasses labor, such as from contractors and tradespeople. It is a very lucrative industry, which has experienced strong growth in recent years. This is due to low interest rates, the COVID-19 pandemic, and a general feeling of a need to improve one’s living space.
Regardless of what a homeowner is looking to improve, it is important to find the right contractor for the job. Homeowners should compare prices, but shouldn’t make a decision solely on price alone. Contractors differ in their quality of work, reputation, and length of time in business. They may offer different loan amounts, repayment terms, and APRs. They may also vary in their ability to work with clients and respond quickly to their inquiries. When making a decision, it is also wise to compare other factors such as experience, qualifications, and customer satisfaction.
Some homeowners are concerned about the cost of their projects. Nevertheless, most homeowners will undertake at least some home improvement initiatives in 2022. A report by the Harvard Joint Center for Housing Studies of America revealed that spending on homeowner improvements is expected to hit an all-time high in 2022.
Over half of the top ten projects on homeowners’ to-do lists involve repairs and upgrades, while more than a third include home energy improvements. Over the past two years, homeowners have been particularly busy tackling repairs and improvements. Over 5.2 million homeowners replaced carpeting, flooring, paneling, or ceiling tiles in 2017. Overhauling surfaces underfoot and overhead is a project that can boost a home’s appeal while providing a substantial ROI.
However, not all renovations will increase a home’s value. Some will actually detract from the asking price. If you’re looking to sell your house, it’s vital to avoid making these types of changes.
One common mistake homeowners make is installing overly modern fixtures that can be a turnoff to potential buyers. For example, a trendy waterfall faucet might be beautiful to you but could be off-putting to potential buyers.
The good news is that there are plenty of projects that can boost a home’s resale value without breaking the bank. Installing a new front door is an easy and inexpensive way to improve your home’s curb appeal. You can also give your lawn a facelift by planting colorful flowers and pruning shrubs.
Lastly, you can put up fences or install an outdoor kitchen to improve your property’s privacy and security. However, before starting any home improvement project, it’s important to consult a real estate professional to see what projects will be most beneficial for you.
Although many homeowners are planning to tackle a variety of home improvement projects, a majority of them are concerned about the cost. Homeowners are also worried about the availability of materials and professionals, disruption to their daily lives, and the cost of doing business with local contractors. These concerns will likely drive some projects to be pushed back into the future.