Home Improvement Is a Fast Growing Segment of the Economy
Home improvement is a broad category of projects that improve the quality and value of homes, including renovations and repairs. It encompasses a range of jobs, from installing kitchen cabinets to building a deck. Some of the largest home improvement projects involve major structural changes. Others focus on improving curb appeal or boosting energy efficiency. Many home improvement projects can be completed by homeowners, with the help of online resources and advice from friends or family members. Home improvement is one of the fastest growing segments of the economy. It is especially popular during times of economic uncertainty and as an alternative to spending money on vacations or new vehicles.
A number of factors have contributed to a surge in home improvements, including rock-bottom interest rates and people’s desire to make their living spaces more livable. In addition, homeowners are focusing on outdoor projects like landscaping and putting up fences. Deck construction is up more than 275%, while hiring landscapers has risen by more than 144%, according to the Home Services industry report.
Regardless of the motivation, the satisfaction factor is high for those who complete home improvement projects. The National Association of Realtors 2022 Remodeling Impact Report found 83% of surveyed homeowners reported an increase in happiness with their homes following a renovation. Houzz also found that new home buyers invested more in renovations than those who had been in their homes for short periods of time. New home buyers spent an average of $30,000, compared to the $19,000 median for those who had lived in their houses for a few years.
It’s important to consider the cost of a home improvement project before you get started. A poorly planned job can quickly add up. It’s also important to compare estimates from different contractors to ensure you are getting the best possible price. You should also look for a contract that includes a payment schedule and details about the work to be performed, such as a timeline for completion and specific materials and brands.
While some homeowners are looking to recoup the costs of their renovations by selling their houses, others have a more immediate need for a more comfortable place to live. For those looking to rent their property, renovations that boost a house’s rental potential can help them command higher monthly fees from tenants. The amount of money that can be recouped from home improvement investments also depends on local market conditions and the price of neighboring properties.
It’s easy to become inspired by television shows such as Fixer Upper or This Old House, but the reality is that most DIY home improvement projects require more than just a hammer and some duct tape. Before you start tearing down walls, here are some tips to help you avoid common home improvement mistakes.