The home improvement industry consists of contractors, retail merchants that sell building materials and other equipment to help people make upgrades to their homes. It also includes tradespeople who install, repair or modify homes, such as plumbers and electricians. Home improvements can be costly, but they can also increase a property’s value and improve the quality of life for its residents.
The housing market and the overall economy have been volatile in recent years, making many homeowners reluctant to take on major renovations. However, experts say that 2023 will be a good year to invest in home improvement projects that can add value and curb appeal. These projects include upgrading shower areas and replacing vanities and toilets, laying new tile or fitting fresh countertops. These upgrades are often less expensive than full bathroom remodels and can be done in a day or two, depending on the size of the project.
Some home improvements may also help prevent or resolve issues that could become bigger problems down the road. For example, fixing a leaky roof or removing termite infestations can save money on energy bills and keep a home safe for its residents. Other important home renovations include adding a deck or patio for outdoor entertaining, installing a fence to block out noise from neighbors or converting attic space into living space.
While any home improvement can add value to a property, some upgrades are more valuable than others. The most valuable upgrades will increase a home’s worth in fair proportion to the amount spent on them, according to Remodeling magazine’s 2018 Cost vs. Value report. However, the specifics of what renovations will have the most impact on a home’s value vary by region and even by city.
Whether you’re a Fixer Upper fan or an avid This Old House viewer, it’s no secret that home improvement shows are popular. But it’s one thing to watch someone else do the work and another to actually tackle the job yourself. Some home improvement projects, like painting and re-grouting tile, are relatively easy to do yourself. However, for larger projects, it’s usually best to hire a professional.
The home improvement trend that’s surging the most right now is working on the outside of a property, Anderson says. That’s why there has been a threefold rise in hiring landscapers and a 144% increase in putting up fences. Other top trends in home improvement include updating kitchens and bathrooms, remodeling basements, adding on to a house, and painting. All of these projects can add both aesthetics and function to a property, which makes them a worthwhile investment for many homeowners. The key to a successful DIY project is being prepared and knowing what you’re getting into before taking on the task. By following these tips, you can avoid a costly home improvement disaster. Moreover, by being smart about which projects to undertake and by shopping around for the best deals, you can maximize your return on investment.