Home improvement, also known as home renovation, encompasses a broad range of improvements that make a dwelling more functional, attractive, or comfortable. The industry is made up of manufacturers and suppliers of building materials, appliances, decor, and accessories, as well as contractors and tradespeople who build, install, or repair these products and services. The recent COVID-19 pandemic drove a boom in the industry, as homeowners focused on renovating and improving their houses, but the trend may be slowing down now that most people are back to work and focusing on other projects.
While many homeowners enjoy tackling home improvement projects, it’s important to keep in mind that not every project will add value to the property. In fact, most renovations do not even come close to recouping the cost of labor and materials. This is particularly true for high-end remodels, like sparkling bathroom overhauls and basement renovations. But even some less expensive updates, such as new windows or a heat pump, can save money on energy bills and pay for themselves when it comes time to sell.
A home improvement contractor is a professional who has the necessary experience and license to carry out a home improvement project. They can be hired to do a variety of jobs, including painting, carpentry, plumbing, electrical, and roofing. Homeowners should always perform a background check on contractors before hiring them. It’s also a good idea to find out if they belong to any professional associations or have positive business references.
According to a survey by NerdWallet, most homeowners who plan to undertake home improvement projects in the near future are not targeting potential buyers. Instead, most are looking to make their house more comfortable and enjoyable for themselves. This is especially the case for those who live alone. More than half of all respondents said they planned to make some type of renovation to their living space over the next two years.
Some common improvements include refinishing wood floors, replacing outdated kitchen cabinets, and adding an extra bedroom or bathroom. These are great ways to increase living space and improve your family’s quality of life, but they probably won’t make a huge difference in the overall home value.
The most popular home improvements are kitchen, bathroom, and basement renovations. These tend to have the highest return on investment, but even they don’t always recoup their full costs. It’s best to focus on renovations that will make a big impact on your daily lifestyle and not just what might add to the home’s value in the future.