Home improvement refers to any work that is done in order to improve the condition of a residence. This includes everything from improving the aesthetic appearance of a house to repairing its structure. It is a major industry that affects many different businesses and consumers. In the past few years, American homeowners have spent more than a half-trillion dollars on home improvements.
The most common types of home improvements are kitchen remodels, bathroom renovations, and replacing windows and doors. While these projects are expensive, they can add significant value to a house. These projects can also increase a home’s energy efficiency. Homeowners can save money by doing these upgrades themselves or hiring a professional to do the work.
A recent survey found that most home improvement projects are completed by DIYers. However, some projects can be dangerous and should be left to professionals. This is particularly true for those involving electrical work and plumbing. In addition, it is important to know what to look for in a qualified contractor before starting a project.
While spending on home improvements has cooled in the wake of Covid-19 lockdowns, most Americans don’t seem to be ditching their bigger remodeling plans. Instead, they’re likely deferring them until the economy and housing market recover. “There is still a lot of pent-up demand, and we’ll see whether people revisit their pricier plans as the year goes on,” says Joe Derochowski, a home industry adviser at market data firm Circana.
Some of the most expensive home improvement projects are those that upgrade a primary suite, such as adding a new bathroom or making a larger closet. Those projects can cost upwards of $50,000. The return on investment for this type of home renovation is usually very high, but it can be a risky proposition if the homeowner isn’t planning to sell their home soon.
According to the 2022 LightStream Home Improvement Trends Survey, most homeowners are looking for ways to make their homes more functional and enjoyable. Unlike the frenzied upgrading that took place during the pandemic, these projects tend to focus on the interior of the house.
The vast majority of planned home improvements aren’t aimed at making the property more appealing to potential buyers. The most commonly cited reasons for these upgrades are to make the home more comfortable (54%) and to feel happier in it (52%).
Even though home improvements can boost a home’s value, they don’t necessarily always add value to the property. That’s because a return on investment can vary widely from one project to the next. However, that doesn’t mean that these upgrades aren’t worth doing.
While whole-house renovations can add value to a home, they aren’t necessary. Smaller home improvement projects, such as painting or re-grouting tile, can provide an excellent return on investment. These do-it-yourself upgrades can be completed without going into debt or ransacking emergency savings, and they’ll allow homeowners to list their properties for more money if they’re ready to sell.