Home improvement is a broad term that encompasses the repair, remodeling, altering, renovating, restoring or modernizing of a residential building. The home improvement industry involves the sale of materials, equipment and the services of contractors and tradespeople. The industry has reached good growth results in recent years, especially during the COVID-19 pandemic. It is expected to continue growing in the near future.

In the first place, homeowners need to determine what kind of improvements they want to make to their homes. This could involve remodeling the kitchen or bathroom, adding new lighting or painting the interior walls. In addition, a homeowner may decide to add an outdoor living space or upgrade their electrical system. It is important for homeowners to choose the right projects that are within their budget and will have the most return on investment.

A big mistake that many people make is making home improvements that aren’t in line with their neighborhood’s style and values. This can decrease the value of your home if you’re planning to sell it in the future, because buyers will likely be turned off by uncharacteristic design choices. Also, it’s important to remember that most improvements will only pay for themselves in the long run if they are completed within a reasonable time frame.

Another mistake that many people make is completing too many renovations at once. This can be a financial disaster if the project is more expensive than expected and if you’re relying on loans or credit cards to finance it. It’s a better idea to complete one project at a time and to only borrow money for home improvement when you have enough savings or equity in your house.

According to the NerdWallet survey, more than half of the respondents said that they were considering a number of home improvement projects over the next two years. However, the majority of these are smaller upgrades like painting rooms or updating light fixtures. Interestingly, only 20% of these homeowners are looking to improve their houses in order to appeal to potential home buyers.

Moreover, the NerdWallet survey found that the most common reason for home improvement was to enjoy their homes more. Other reasons included repairing or replacing worn-out surfaces and finishes, improving their livability and simply wanting a change. The survey also showed that 84% of homeowners who completed home improvement projects reported feeling satisfied with the finished result.

In spite of these positive figures, it’s clear that the pace of home improvement has slowed considerably since last year’s frenzy to upgrade during the COVID-19 lockdown. Some homeowners have even abandoned their more ambitious renovation projects entirely. Emmanuel Forge, a traveling contractor who shares home-renovation tips on TikTok and Instagram under the Remodel School brand, believes that the slowdown is mainly due to rising prices. This means that homeowners have been deferring larger home improvement projects until prices go down again. If you’re planning to start a major project this year, it might be wise to speak with a real estate agent before you begin to ensure that your choices will boost your home’s resale value.