Home improvement is a multibillion dollar industry that includes the sale of building materials, appliances, and decor to improve or upgrade homes. It also includes services such as repairs, installation, and maintenance. Home improvements are generally considered to be any renovation, remodelling, or upgrade that makes a home more attractive, functional, or valuable. Some projects are more likely to increase a home’s value than others, but the ROI can vary widely depending on the location and scope of the project.
Homeowners often hire contractors for home improvement projects, but the quality of work may vary. It is important for homeowners to perform due diligence prior to hiring a contractor, including checking licenses, insurance, and business references. In addition, it is recommended that homeowners use a home improvement aggregator or platform to get quotes from multiple contractors. The aggregator or platform can then perform checks on the contractors, such as a background check and insurance verification, and match them with the homeowner.
The home improvement industry has seen excellent growth results in recent years, particularly during the COVID-19 pandemic. However, the industry is expected to decline in 2023 due to stalled housing sales and rising labor costs.
Most homeowners want to add value to their homes, whether they plan to sell or stay. In general, updates to kitchens and bathrooms are a good investment, as are upgrades that increase square footage such as finished basements and decks. Energy-efficiency improvements like new windows and a heat pump are also popular with buyers, and they can decrease utility bills over time.
Some home improvements are more urgent than others, such as repairing an old roof or sealing drafts. These should be prioritized, as they can reduce the risk of expensive damage and improve a home’s comfort and safety. Homeowners should also consider hiring a home inspector to evaluate the property before starting any major home improvement projects, as these professionals can identify problems that might not be apparent to the untrained eye.
While DIY home improvement has become quite popular, it’s not for everyone. Some projects require special skills or equipment that the average person doesn’t have, and some are simply too dangerous for amateurs. Before you start any home improvement project, make sure you have a clear idea of what you want to achieve and how much it will cost. Then, use tools like model-building and design apps to help you visualize the end result. Finally, be sure to budget for unforeseen expenses and overages. With a little planning, your next home improvement project can be fun and successful.