Home improvement is a term used to describe a wide range of projects that can be carried out in a home. These range from small repairs and maintenance work to large projects that include adding rooms or making a home bigger. In some cases, the purpose of a home improvement project is to increase the value of a property or improve its safety and comfort.
Homeowners spend a half-trillion dollars on home improvements each year and a growing number of them are now doing their own work. The surge in DIY home improvement has been fueled in part by rock-bottom interest rates, which make such projects more affordable.
Among homeowners with planned home improvements, most are not targeting potential buyers; instead, they plan to make their homes more comfortable and feel more satisfied with them. And most say they look to online content for inspiration on their projects, according to a recent NerdWallet survey of 1,404 homeowners.
Many homeowners are able to complete their projects without tapping into savings or going into debt, but the survey found that more than half of the people who have completed such projects over the past two years had to make some kind of financial sacrifice to pay for them. They had to cut back on discretionary spending, sell items or exhaust their emergency savings before they were able to pay for them.
It is important for homeowners to find out if their chosen contractor is licensed and insured before they hire them. In addition, they should check their contractor’s background and business references before paying for any services.
Most contractors are screened for serious criminal convictions and pass a test on home improvement law and general business competency. They also must have a valid license to operate in their state and pass any required licensing examinations.
They are also required to have a bond, so homeowners should take this into account when choosing them.
While most do-it-yourself (DIY) home improvement projects are not considered to be investments, they can be a good way to add value to a property or improve a home’s curb appeal. However, it is very important to choose a home improvement project that will provide the highest return on investment possible.
For example, a home with an outdated kitchen can be made to feel fresh and stylish by installing a modern sink and counter tops. Alternatively, a new paint job can give the room a completely different look.
Aside from adding value to a property, home improvements are a great way to make a house more energy efficient and reduce energy bills. In fact, improving a house’s energy efficiency is expected to be the fastest-growing segment of the home improvement market in 2023.
In fact, experts predict that a majority of homes that are renovated in the future will be updated with energy-efficient upgrades. This is because they reduce energy use, which helps Americans keep their power bills low and can help them save money in the long run as well.