Home improvement is a term that refers to any remodeling, repair, or maintenance project done on residential or non-commercial property. These projects may include repairing or replacing an existing roof, installing siding or windows, updating HVAC and plumbing systems, or changing the layout of interior spaces.
Do-It-Yourself (DIY) Trend: Many homeowners are taking on DIY projects for themselves instead of hiring contractors, and it can save them a lot of money in the long run. Some of these projects can be completed by anyone with basic carpentry skills, while others require professional know-how.
Reversed versus Increasing Share of Owners Doing Their Own Work: In addition to the potential health risks of bringing a contractor into their home, owners have also favored DIY home improvements because they can often save more money than they could on professional services. This pattern is expected to continue, although it will be less pronounced among older owners who tend to be more physically limited than younger homeowners.
Increased Home Improvement Spending: The home improvement market has remained relatively strong since the pandemic, and this trend is expected to continue. The majority of home improvement spending is still discretionary, and homeowners will be looking to make their homes more attractive and comfortable with minor facelifts.
Before starting any project, it is important to determine your budget and know exactly what work you want done. This will help you to easily negotiate with different contractors and secure firm prices. It will also prevent you from being taken advantage of by unscrupulous contractors who try to convince you that you need more work than you actually do.