Home improvement is the repairing, renovating or modernizing of residential property. It also includes the installation of equipment and machinery. It is a multibillion-dollar industry that includes construction, remodeling, and repair of homes and their surrounding structures. It is a common way for homeowners to increase the value of their properties and to enjoy a more comfortable lifestyle.
Many of these projects are not only beneficial to the homeowner but also to society as a whole, by helping to keep the elderly and disabled people living at home longer. It can also be an effective way to save on energy costs. Home improvements such as a new window, heat pump or extra insulation can significantly reduce the homeowner’s utility bills.
The COVID-19 pandemic led to a surge in home improvement spending, but the industry is expected to return to more modest growth rates in 2023. This article explores how the home improvement industry has evolved, trends in popular renovations, and what lies ahead for residential remodeling.
National, regional, and local chain stores that specialize in home improvement operate from a fixed business location and use their own employees to perform the work. They often compete on price and quality and stand by their warranties. They may be less likely to go out of business than independent contractors or tradespeople.
There are many independent contractors who specialize in specific types of home improvements. They are usually highly skilled and can complete the work in a shorter amount of time than general contractors. They may also be able to offer more competitive prices than the chains. These independent contractors are not subject to the same regulations as general contractors and should be carefully vetted before hiring.
There is a wide variety of professionals who can help with home improvements, including plumbers, electricians, carpenters, and roofers. These professionals are usually licensed and insured, and can be found through referrals from friends and neighbors. They are usually not as expensive as the chains, and can provide a more personalized experience.
It is important to remember that not all home improvements add value to a property. Renovating just for the sake of it can actually decrease a home’s appeal and decrease its ability to sell. A better strategy is to make renovations that improve the home’s function for its residents. For example, adding an extra bedroom or bathroom can be very attractive to buyers. Similarly, upgrading an older kitchen with new appliances and cabinets can be very appealing to buyers. Energy-efficient upgrades such as new windows and a heat pump are also very cost effective and can pay for themselves through lower utility bills. Finally, curb appeal projects such as painting and re-grouting tile can add a lot of value for very little money. The most important thing to do is plan carefully and stick to a budget. This will prevent a project from going over budget and potentially harming the financial well-being of the homeowner.