Home improvement, also known as home renovation or remodeling, is the process of upgrading one’s living space. The goal of these improvements is to make the home more functional and comfortable. It is also a way to increase the value of the property. Home improvement projects can include remodeling or adding rooms, building decks or patios, installing new appliances, painting or refinishing woodwork, and other projects.
According to the National Association of Realtors, 2022 Remodeling Impact Report, homeowners are remodeling their homes for a variety of reasons. Some of these include personal preferences and comfort, maintenance or repair work, adding a room or space (such as a garage, sunroom, or a master suite), improving energy efficiency, and upgrading the look of their home. Regardless of the reason, the majority of people feel satisfied when they are able to complete their home improvement project and enjoy the results of their labors.
The home improvement industry has seen excellent growth in recent years. This includes the sale of home improvement supplies and materials, as well as the services provided by contractors, tradespeople, and others. This sector has benefited from the COVID-19 pandemic as many homeowners focused on making their houses safer and more energy efficient.
However, not every home improvement is a good investment. It’s important to do research and talk with a real estate professional before beginning a home renovation. Some improvements, such as a unique kitchen or bathroom, may not appeal to buyers and could actually hurt resale value. Other projects, such as a garage conversion or adding an extra bedroom, are more likely to pay off when it comes time to sell.
For the most part, the majority of home improvements are paid for using cash from savings or other sources like credit cards and loans from family and friends. A small percentage are financed with home equity loans or contractor arranged financing. According to the American Housing Survey, the most popular home improvement projects in 2021 included sparkling bathroom overhauls, adding an extra bedroom and finishing a basement.
Aside from the financial aspect of home improvement, there are many safety concerns to consider. All homeowners should use caution when working on any type of home improvement, especially electrical and plumbing projects. The best way to stay safe is to hire a qualified contractor to do the work.
In addition, all homeowners should familiarize themselves with the basics of home safety. This includes understanding potential hazards, recognizing the importance of proper maintenance, and learning how to prevent common home repairs.
No matter what the reason, a homeowner can always find an excuse to make home improvements. The best renovations are those that not only improve the function of the home, but also add curb appeal and increased value. To learn more about home improvements and get ideas, contact us today! We can help you get started on your next big project.