Home Improvement – A Popular Passtime For Many Homeowners

Home improvement is a popular pastime for many homeowners. It can include a variety of projects that make the home more comfortable and appealing to live in, as well as upgrades to help save money and improve efficiency. These projects may be as simple as painting a room or replacing light fixtures. Homeowners can do some of the work themselves or hire contractors to complete larger projects, such as adding a new kitchen or bathroom.

In recent years, American homeowners have been on a spending spree for home improvement projects. However, experts believe inflation and a possible recession will impact how much homeowners invest in their homes moving forward.

Some home improvement projects are designed to boost resale value, while others are simply for aesthetics or to make the home more functional and enjoyable for the homeowner. It’s important to choose the right home improvements to ensure you get the best return on your investment.

It’s also essential to find a reputable contractor to ensure your project is completed correctly and safely. There are a number of ways you can research and select a contractor, such as asking friends and family for recommendations, looking at online reviews, checking membership in professional associations, and checking business references. In addition, you should always check a contractor’s license and insurance before hiring them to perform work on your home.

According to Harvard University’s Joint Center for Housing Studies of America (JCHS), U.S. homeowners spent a record $580 billion on remodeling and renovating their homes in 2021. These investments were driven by homeowners who planned to stay in their homes longer and older adults living in older homes that need more work.

JCHS forecasts that home improvement spending will decrease in 2024, due to a combination of factors. These include a slowing housing market, stalled mortgage refinancing and rising labor costs. However, the industry will still grow as homeowners continue to make investments in their living spaces.

In a NerdWallet survey, nearly all (95%) homeowners reported that they’re considering taking on some type of home improvement project in the next two years. While most will be focused on small projects such as painting or updating light fixtures, more than half will consider larger renovations. Some of these larger projects may involve adding a bathroom or bedroom, remodeling the kitchen or dining room, and putting in a deck or patio.

The popularity of home improvement shows and DIY projects has made the average homeowner feel more confident about tackling their own projects. However, if you’re planning a larger renovation, it’s wise to consult with an expert before getting started. A licensed and insured contractor can help you avoid costly mistakes and ensure your project is completed properly. They can also help you create a budget and schedule to keep your project on track and within your budget. They can also offer suggestions and alternatives for your project that will still improve your home but may be less expensive than a full renovation.

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