Home improvement is the practice of renovating one’s own home. It encompasses a wide range of activities, from painting and cleaning to adding new fixtures and furnishings. The home improvement industry, which includes retail sales of building materials and appliances as well as the services provided by contractors and tradespeople, has had excellent growth results in recent years.
The popularity of the DIY approach to home improvements has also contributed to its success. In the United States, for example, homeowners spent an estimated $46 billion on home improvement projects in 2023, a number that is expected to increase this year.
While many homeowners undertake home improvement projects to improve their living conditions, others hope to add value to their homes. Whether you’re thinking of putting your house on the market or just want to live in comfort, there are a few key things you should keep in mind.
First, make sure to get a clear idea of exactly what you want from your home improvements. Last-minute changes can be stressful and expensive, so it’s important to have a plan in place before starting. And don’t forget to factor in the cost of any required permits.
It’s also a good idea to ask for and review multiple estimates from contractors before choosing one to do the work. Compare descriptions of the job to make sure they’re similar, and check references. Finally, don’t be afraid to negotiate—but make sure you’re not compromising on quality or safety.
If you’re not sure where to start with your home improvement project, consider inviting a professional interior designer over for a consultation. They’ll charge a modest hourly fee, and they can provide you with plenty of ideas for improving your space.
Moreover, certain home improvements can be tax-deductible. For instance, energy-saving improvements can help reduce your utility bills and earn you tax credits when you sell your home. However, be careful not to over-invest in these types of projects, as the cost of these updates may not pay off when you’re ready to sell.
In an unsettling economic climate, many Americans are turning to home improvement projects for peace of mind and financial security. According to the experts at Angi, kitchen and bathroom remodels are the most popular home improvements, followed by bedroom renovations. In addition, a deck construction surge has been reported, along with a three-fold increase in the installation of fences. But with such high home prices, it’s important to be mindful of what renovations will actually add value to your home. To maximize your resale value, it’s important to choose upgrades that will appeal to the broadest range of potential buyers. To do this, it’s important to understand what types of projects are attracting the most interest from homebuyers, and which ones are lagging behind. To find out more, read our article on the top home improvement trends for 2023.