Home improvement is a vast and varied field that encompasses everything from remodeling kitchens to adding a new deck. This industry includes the sale of building materials, appliances and decor, as well as the work of contractors, tradespeople, and others who help homeowners with their projects. While this industry has seen some slowdowns during the COVID-19 pandemic, it is expected to continue seeing strong revenues in the coming years.
A good place to start when considering Home improvement is a thorough inspection of your current house. Often, small issues can be easily addressed with some basic maintenance, and the results can have a big impact on your comfort level at home.
Another aspect to consider when thinking about Home improvement is the return on your investment. This metric is not always easy to gauge, and it will differ depending on the type of project you undertake. Many renovations will not see you recoup your entire initial investment, and the best way to ensure that a specific project will add value to your home is to consult with a real estate professional about the expected ROI.
One of the more popular trends in Home improvement right now is replacing a bathtub with a walk-in shower. While this can be a costly upgrade, it is often the most cost-effective and efficient way to remodel a bathroom. Depending on the price of your home, you could also expect to recoup some of the cost of this project when it comes time to sell.
Other categories of Home improvement that are surging include installing stronger windows and improving the overall security of your home. This is largely due to recent weather events, including wildfires and hurricanes, that have left Americans feeling more vulnerable than ever. Installing stronger doors and windows that can withstand high winds or extreme temperatures are likely to be appealing to those who are looking for ways to protect their homes.
Homeowners are also more willing to make bigger investments in their properties, such as turning a spare bedroom into a primary suite. This is an expensive undertaking, but it can greatly increase the resale value of your property. However, it’s important to remember that you need to think about the neighborhood when making this type of decision. If the other homes in your area have a more minimalist design, an ultra-modern addition might not fit well.
If you are planning to take on a large renovation, it may be wise to wait until interest rates decrease or the housing market picks up again. This will give you more time to save up and plan your project accordingly.
Once you’ve decided to pursue Home improvement, it’s important to find a contractor who will be trustworthy and honest with you about costs and timelines. Be sure to get a written contract that includes a detailed breakdown of the project’s cost and all applicable taxes, as well as a payment schedule with an agreement to withhold final payments until all work has been completed and any required inspections have been passed.