Home improvement is one of the most common forms of renovation. It can involve everything from installing new fixtures and appliances to painting, repairing or replacing existing items. The goal is to improve the appearance and functionality of a home, which can increase its value. Typically, homeowners undertake home improvement projects to make their living environment more comfortable and convenient. Home improvement also provides an opportunity to personalize a home and express one’s unique style.
Home improvements often come in the form of needed repairs, but they can also be a response to changes in the market or in lifestyle preferences. It is essential to know the market trends in order to plan effectively for home improvements and maximize resale value.
Although homeowners are spending less on home improvement projects, they still have a strong appetite for them, especially for lower-cost ones that they can complete themselves. Moreover, the recent drop in prices seems to be a temporary phenomenon, and home improvement spending is expected to pick up again in 2024.
While the majority of the projects being undertaken by homeowners are related to home improvement, some are aimed at increasing the value of their property. For example, a primary suite is an expensive project that increases the value of a house and makes it more appealing to potential buyers. Other major upgrades that will add value to a property include adding an extra bedroom, bathroom, and converting the garage into a living space.
However, it is important to keep in mind that not all home improvement projects will be a good investment. Few improvements recoup more than 100% of their cost, so it is vital to think carefully about what will be beneficial to you and what will appeal to prospective buyers.
Despite the pandemic, most people are eager to invest in their homes by undertaking home improvement projects. A survey by NerdWallet found that 3 in 5 homeowners have completed at least one home improvement project since March 1, 2020, and spent an average of $6,438, on those projects.
It is recommended that you hire contractors who are licensed and insured. In addition, you should perform background checks to ensure that they are reputable. You can also check for membership in a reputable association or accreditation by professional organizations. This will help you avoid unlicensed contractors who may not be able to meet the high standards set by reputable associations or organizations.
Moreover, it is advised that you should make a written contract with the contractor before allowing them to begin work. The contract should contain a detailed description of the work to be performed and the materials to be used. It should also state when the work will start and when it will be substantially completed. The contractor must also provide the homeowner with a copy of all required permits. Finally, the contract must contain the payment terms and conditions, including a deposit of not more than 1/3 of the total contract price.
