Home improvement is the process of improving, or remodeling, a house or other building. This may include adding, or removing, features such as rooms, windows and doors, or adding or removing landscaping. Home improvements also include repairs to existing structures such as kitchens, bathrooms, and floors; installing new electrical wiring, lighting or appliances; putting in a swimming pool, hot tub, or patio; and making structural changes. Other types of home improvement are the installation of solar power systems, adding insulation, and making energy-saving improvements. Home improvements often have a direct effect on the resale value of a house.
In recent years, there has been a boom in home improvement. The National Association of Realtors (NAR) reports that homeowners upgraded their homes during the pandemic for a variety of reasons, including wanting to live more comfortably, improving livability and resale value, and getting rid of worn or outdated surfaces, finishes, and materials.
Many of these renovations were driven by rock-bottom interest rates, which made borrowing money to pay for them more affordable. However, as the economy continues to weaken, NAR reports that homeowners are beginning to scale back on their renovation plans. Home improvement contractors are noticing a slowdown in new work, and experts say that home renovation spending will probably peak this year and then begin to decline in 2024.
The most common way that homeowners invest in their homes is by hiring contractors for projects such as painting, landscaping and window replacement. These improvements are typically easy to do and offer good return on investment. However, it is important to choose contractors carefully. It is recommended to hire companies that are licensed, insured and members of a professional organization such as the Better Business Bureau.
It is also wise to make sure that the company’s work is high quality and does not include any hidden fees. Also, it is recommended to compare prices from multiple contractors before making a decision. The use of online aggregators to gather quotes from various service providers has become increasingly popular.
There are many different types of home improvements that can be done, and each type has its own benefits and drawbacks. It is important to know what types of projects will add value to your home and which ones are not worth the time or cost.
A few examples of home improvements that are typically considered to be worthwhile investments include installing a new front door, replacing dated kitchen cabinets and countertops, adding a patio cover, and planting a tree or shrub. However, it is essential to avoid over-improving your home, as this could actually detract from its resale value.
When choosing a contractor to perform a home improvement project, it is important to select one who has experience and good references. It is also a good idea to find out whether the company is licensed and insured, and to check for customer complaints before signing a contract. If possible, it is a good idea to hire a contractor who has a local office where you can visit and speak with staff in person.