Home improvement, also known as home renovation or remodeling, is the process of renovating or improving an existing residential real property. Home improvements can include anything from upgrading a kitchen, bathroom or bedroom to adding a room, expanding an existing house, or altering the exterior of the dwelling. Home improvement projects can be undertaken for a variety of reasons, including personal enjoyment and comfort, maintaining a property’s appearance or resale value, making energy-efficient upgrades to save money on utility bills or addressing safety concerns.
Homeowners have developed a renewed interest in remodeling and renovation. The trend has led to a boom in the industry, with homeowners investing more and more in their homes. This article explores how the home improvement market has evolved, statistics on some of the most popular projects and future predictions.
The most popular home improvement projects are those that add functionality, convenience and value. In the past, such projects included converting attics into bedrooms, installing new flooring and appliances and building decks and fences. In more recent times, such projects have included remodeling bathrooms and kitchens, adding a swimming pool and putting in new garage doors. The popularity of these projects has been fueled by a desire to make a house a more comfortable and functional place to live, rising home prices that have increased the amount of equity available for financing, a growing population of older Americans and government mortgage insurance programs that encourage new housing construction and home buying.
Remodeling projects can be expensive, but there are ways to keep costs down and still achieve the results you want. For example, choosing less expensive materials will reduce the cost without compromising on style or quality. It’s also important to compare estimates before selecting a contractor for your project. Contractors vary in their prices, experience and reputation. Some contractors may offer low prices but fail to deliver on their promises. When comparing estimates, be sure to consider the total cost of the project, not just the price of materials and labor.
In unsettling economic times, many people find comfort and security in the familiarity of their home. Home improvement is one of the most common forms of consumer spending. Home improvement expenditures have surged during the pandemic, especially among households with incomes above $120,000 per year. Some of the categories surging the most are related to outdoor work, with deck construction and hiring landscapers climbing by almost threefold. Other popular projects include adding a pool and putting up a fence.
