Home improvement is the repair, maintenance or restoration of residential real property. Examples of home improvements include installing a new roof, repaving a driveway or remodeling a kitchen or bathroom. This type of work is usually performed by a professional contractor, but may also be done by the homeowner themselves. Home improvement projects can increase a house’s resale value and improve its comfort, functionality or aesthetic appeal. In addition, the construction and purchase of home-related products and materials create jobs and contribute to a healthy economy.
Despite some concerns about the economic outlook, homeowners remain interested in undertaking home improvement projects. According to the Joint Center for Housing Studies of Harvard University (JCHS), residential renovation spending peaked in 2022 and is expected to begin decreasing in 2024.
One of the biggest reasons that homeowners continue to invest in home improvement is that they have a great deal of flexibility when it comes to choosing the projects that make sense for them. JCHS reports that a full 39% of homeowners plan to renovate their homes in the next two years, with more than half saying the primary motivation is making the house a better fit for their personal needs. The remainder cite other reasons, including improving the property’s appearance, preparing for future sale or increasing energy efficiency.
In general, the most popular renovations involve the kitchen, bathrooms and extra bedrooms. These projects tend to offer the best resale returns, but the type of project that homeowners choose will depend on their own personal preferences and budgets. For example, homeowners who want to update the look of their bathrooms can replace outdated fixtures and accessories, such as a tub-to-shower conversion or by laying new tile and fitting a fresh shower curtain.
If a homeowner is planning a major renovation, they should start by developing a detailed project schedule and budget. In addition, they should research contractors and request references. It is important to hire a licensed and insured contractor for any work on your home. Homeowners should also ensure that the contractor provides a written contract that includes a timeline for the work to be completed, a payment schedule and as many specifics as possible about the project, such as types or brands of materials.
The most popular home improvement projects involve the kitchen and bathrooms, which should be updated with energy-efficient appliances and lighting. In addition, a homeowner should consider adding an additional bathroom or creating a master suite to accommodate family members. Those looking to get the most return on their investment should consult with a local real estate agent before starting any renovations. They can provide advice about the most popular upgrades and which ones will add the most value to your home. In addition, a real estate agent can help you find the right contractor for your project. They can also recommend lenders that offer competitive rates for home improvement loans. Getting the right financing will ensure that your project stays on schedule and within your budget.