Home improvement, also known as home renovation or home repair, is the process of improving or updating a home. Home improvement can include maintenance tasks such as painting and repairing fixtures, but it may also involve significant construction projects such as installing an addition or renovating the kitchen. Home improvement can be a DIY project, but many homeowners hire professionals to complete the work. Some major home improvements can be very expensive, but small projects can also add up.
The Home Improvement industry has grown over the past few years, as many homeowners have taken on new projects to enhance their living spaces and make their homes more comfortable. In fact, during a two-year period that began before anyone knew about the COVID-19 pandemic, Americans completed more than 115 million projects, spending an estimated $522 billion. This is a substantial increase from the previous two-year period, which saw homeowners invest about $485 billion in home improvements.
Some homeowners have even turned their attention to remodeling the exterior of their homes, with nearly 3 in 5 planning at least one project in the next two years. Many of these projects are prompted by necessity, such as fixing a leaky roof or replacing worn carpets. However, some are motivated by the desire to improve their home’s resale value. A homeowner may choose to add a primary suite (complete with a bedroom, bathroom and walk-in closet) to maximize the appeal of their property for prospective buyers.
Despite a recent cooling of the housing market and rising prices, homeowners remain interested in upgrading their properties. According to data from Lowe’s and Home Depot, more than half of their customers say they plan on taking on a home improvement project within the next two years. Interestingly, the majority of these individuals are interested in lower-cost projects that can be completed on a budget.
While some homeowners are still interested in increasing their resale value, the majority of those polled by NerdWallet say they are more focused on making their house more comfortable for themselves and their families. Regardless of their motivation, it is important for homeowners to consider the effects of their projects on the overall aesthetic of their home and to choose improvements that will not overly customize their property.
Moreover, it is crucial to keep in mind the safety aspects of any home improvement project, especially those that require a permit or require professional help. For example, if you’re thinking of adding a swimming pool or building an addition to your house, make sure to get a permit and to have any structural changes completed by a licensed contractor. It is also vital to follow any safety precautions that are outlined in the project’s contract. In addition, it is wise to get any and all warranties in writing before beginning any work. This can provide the peace of mind that any work done by a professional is covered under state law and will not be subject to future dispute or litigation.