Home improvement is the process of renovating and making additions to a home. It also includes maintenance work on the property and constructing structures such as sheds. Home improvement projects are carried out for a variety of reasons, including increasing personal comfort, improving energy efficiency, and adding functionality to a house.
A common reason for home improvements is to increase the property’s resale value. However, homeowners should be aware that some projects do not add value to the home and may even decrease its resale value. In order to make the best decision about home improvement projects, homeowners should speak with a realtor in their area to learn more about specific renovations that can add value to their homes.
The home improvement industry has reached excellent growth results in recent years. The industry encompasses the sale of construction materials, appliances and decor, as well as the corresponding services provided by contractors, tradespeople, etc. In particular, the COVID-19 pandemic brought about a surge in DIY renovations, which has helped to boost the revenue of companies such as Home Depot.
According to the 2022 LightStream Home Improvement Survey, Americans are investing in projects that are designed to make their homes more enjoyable and functional. It also found that many consumers feel satisfied with their upgraded home and are inspired to complete more improvements. However, the NAR recommends that homeowners hire reputable contractors to ensure that all work is done properly and safely. In addition, homeowners should ask contractors for a written contract and payment schedule, verify their license and insurance coverage, and check business references before hiring them to perform any work.