Home improvement is a popular industry that involves the sale of home products, materials, and services to improve homes. It includes DIY projects, such as painting or landscaping, and contractor services, such as building a deck or installing a new kitchen. It is also an important economic sector, as it raises neighborhood standards and, thus, property values, while creating jobs and boosting markets for home products and contractors.
According to a NerdWallet survey, nearly three-fourths of homeowners say they have money set aside for home repair and improvement projects. In addition, 80% say they typically stick to the budget they set for such projects, compared with 76% in our previous survey. However, a significant number of these homeowners still face challenges. Having a strong plan for your home improvement project can help you stay on track, avoid costly surprises and avoid debt.
While high interest rates may make it more attractive to renovate rather than sell and find a different house, you shouldn’t let that deter you from upgrading your home. There are many benefits to doing so, including a more comfortable living environment and the ability to customize your space. In addition, home renovations can increase the value of your home and improve its resale appeal.
When choosing a contractor, it is crucial to choose wisely and work with reputable companies. You should always check the company’s license, insurance coverage, and business references. It is also a good idea to get a recommendation from someone you trust, such as a friend or relative. In addition, it is a good idea to compare prices between several contractors. There is a “grey market” of unlicensed contractors, so it’s best to use a licensed company.
Some improvements do not add much resale value, such as ones that are too personalized or do not match the style of the neighborhood. It is also a good idea to consult with a real estate agent before making major improvements, such as adding a pool or putting in a backyard patio.
The biggest home improvement surges have been in outdoor projects, such as a deck or fence. In fact, the number of people hiring landscapers or deck builders has tripled since March of this year. In addition, there has been a surge in hiring landscapers to build pergolas or gazebos, as well as installing fences and hedges.
It is important to remember that while home improvements can add value to your house, the most important reason for doing them is to make your house more functional and comfortable. If you’re considering major renovations, it’s a good idea to talk to a real estate agent or mortgage professional to get their advice on what projects will add the most value and be worthwhile in the long run. You should also consider your own personal preferences and lifestyle before deciding what renovations to make. You don’t want to spend a lot of money on your home improvements, only to find out that you hate them or do not enjoy them.
