Home improvement is an ongoing process to maintain, repair or upgrade a house. It is usually based on the needs of the homeowner and their lifestyle, as well as improving the overall appearance and function of the home. In addition, home improvements can increase the value of a property.
In the past few years, many homeowners have developed a renewed interest in remodeling their homes. In fact, in 2024, it is estimated that spending on home improvement will reach $472 billion. This article will explore how the industry has evolved, statistics for some of the most popular projects and how homeowners are planning their upcoming home renovations.
According to the NerdWallet survey, most home improvements will focus on the outside of the house. The categories that are surging the most include building decks, putting up fences and hiring landscapers. In addition, painting rooms and replacing light fixtures are among the most popular planned home improvements.
Many of these projects require professional help, and there are plenty of contractors available to take on the work. However, it’s important to keep in mind that the quality of contractors varies widely. For example, some may charge much lower prices than others but still deliver subpar results. It is therefore vital to check a contractor’s reputation, licensing and insurance before hiring them. In addition, homeowners should be wary of using aggregators that bundle and sell services.
Homeowners are planning to spend an average of $7,746, or about 1.5% of their home’s value, on the upcoming home improvement projects, according to the NerdWallet survey. This is up significantly from 2020, when the median amount was $5,820. The increase may be due to several factors, including rock-bottom interest rates and a desire to improve their living space.
The survey also found that most of the planned projects aren’t intended to make a home more attractive to potential buyers. Instead, the most common reasons for renovating a home include making it more comfortable and up-to-date for their own use (54%).
When choosing a contractor to work on your project, be sure to compare estimates from several different companies. In addition to price, consider other factors, such as a contractor’s experience, reputation and ability to complete the work on time. It is also important to understand the terms of your contract, which should clearly state a payment schedule and a timeline for when work will be completed. Also, be sure to withhold final payment until all work is completed and any required inspections or certificates of occupancy have been approved. This is a crucial step in ensuring that the project is done correctly and meets local requirements. Finally, be sure to communicate with your contractor throughout the project so that there are no surprises along the way. The best home improvements are those that meet the goals of both the homeowner and the community. For instance, home improvements that raise neighborhood standards and increase markets for materials and products benefit the economy as a whole.