Home improvement is a broad category of work done on an existing home to increase its value, comfort or safety. This can include a variety of projects, from home renovations to landscaping and garage maintenance/additions. It can be a good idea to get a general contractor involved, if needed, to ensure that the project is carried out correctly and within budget.
The Home Improvement Market
In the US, the home improvement industry has grown at a steady rate, with an estimated 4.4% increase in spending nationwide in 2019. This growth is due to three major factors: homeowner equity, Millennials buying homes and home improvements that are cheaper than new ones.
Aside from the financial benefits, homeowners who remodel their home often experience higher levels of satisfaction with their living spaces, especially when it comes to energy efficiency and comfort. Many homeowners also appreciate that they can use their newly improved home as a source of income.
DIY projects are a great way to save money and still achieve the look that you desire. For example, replacing old cabinet knobs can be a simple and inexpensive way to add character to an otherwise bland kitchen.
Another low-cost home upgrade that can help you boost your home’s value is installing a screen room or Florida room. These rooms are gaining popularity among home buyers who want a spacious, temperature-controlled outdoor space to entertain guests and enjoy the outdoors.
The key to making your home upgrade worthwhile is choosing the right project for you and your needs. If you’re not sure what to do, consider getting advice from a home remodeling contractor or even an architect.
Make sure your project will improve the appearance of your home and not negatively impact its resale value. For instance, if you are planning to sell your home soon, avoid installing something like a recording studio or a spa in the back yard. These projects may sound fun but they might not be worth the investment.
Curb Appeal
One of the first things that a potential buyer will see is your front lawn. Investing in landscaping or planting flowers can pay off big time, since it will increase the curb appeal of your home.
Window Replacement
Installing new windows can be a major cost for homeowners, but they will not only keep your house looking fresh, they will also increase the value of your property. Adding windows can also lower your utility bills, since they will make your home more insulated.
Before you decide to hire a contractor, make sure you have an in-depth understanding of how your project will affect the overall appearance of your home and its resale value. This will save you money in the long run by eliminating any confusion and ensuring that your project is completed properly and within budget.
The home improvement industry is a lucrative one for contractors and businesses. It is estimated that the industry will grow to $510 billion by 2024.