Home improvement is the repair, renovation or extension of a house or property. This can include anything from painting a room to replacing a roof. It is generally done to make a house more comfortable and attractive. It can also increase the value of the house or make it more functional.
The home improvement industry is a multibillion dollar market. It includes contractors, material suppliers, distributors and retailers. In addition, it includes companies that offer financing and insurance to homeowners undertaking home improvements. Home improvements can be a major expense, so it is important to plan and budget carefully. Also, it is important to choose projects that will provide a good return on investment. A high ROI means that you will recover most of your initial cost when you sell the house.
Most homeowners are planning to undertake a home improvement project in the next two years. However, they are hesitant to spend too much because of worries about inflation and the possibility of a recession. These concerns may deter some of them from completing expensive projects such as adding a new bathroom or kitchen.
Homeowners should always use a licensed and insured contractor for home improvement work. It is also recommended that they get multiple bids for the project and ask for references from previous clients. It is important to keep in mind that there is a ‘grey market’ of unlicensed and uninsured contractors, so consumers should exercise caution when hiring these professionals. Homeowners should also establish a payment schedule with the contractor and withhold final payments until all work is completed and all required inspections and certificates of occupancy are received.
The most popular home improvement projects are adding an extra bedroom and a new bathroom. Other common projects are refinishing wood floors and repainting rooms. These projects add a lot of value to a house and can be very satisfying to complete. However, homeowners should consider whether the work will improve their quality of life before starting any projects.
It is also important for homeowners to understand the difference between a remodel and a renovation. While a remodel is extensive, it does not necessarily change the structural integrity of a home. A renovation, on the other hand, involves major changes to the structure of a home and may require permits and inspections.
A home improvement project can be very rewarding, but it is important to prioritize needs over wants. If a leaky roof or dated kitchen are causing problems, they should be addressed before making any cosmetic changes. It is also a good idea to speak with a real estate professional before embarking on any major projects that could impact the resale value of the home. This will ensure that the work is done in a way that will appeal to most potential buyers. For example, it would not be a good idea to install a hot tub or fountain that is out of character with the neighborhood.
