Home improvement is the renovation of the interior and exterior of a residential property. It also includes the installation of fixtures and appliances to enhance its function, such as painting, roofing, flooring, carpeting, etc. Home improvement is an integral part of homeownership and can increase your satisfaction with your living space as well as its resale value.
Many homeowners are putting off major home improvements due to rising prices, according to the latest industry reports. But there are still plenty of projects that can improve your home’s appearance and boost its resale value, whether you plan to sell or stay forever.
The home improvement industry has seen significant growth over the past three years. This trend is likely to continue into 2024, even though the number of projects may decline slightly. Whether you are planning to renovate or just want to update your home’s look, it is important to consider what type of home improvements will give you the best return on investment.
While the average home renovation project cost more than $4,800 in 2021, that number can vary wildly based on the size of your home, its age and the type of project you are undertaking. For example, kitchen renovations are among the most expensive home improvement projects. They can cost anywhere from $15,000 to $30,000, depending on how much you spend on new cabinets, countertops and flooring. Bathroom remodels are also fairly costly. However, they tend to have a higher resale value than other types of home improvements.
When choosing a home improvement contractor, it is important to do your research before hiring one. Be sure to check the company’s license and insurance, and ask for references from past clients. Additionally, make sure to get a written contract with all of the necessary details for the work to be completed. This will protect you against any unforeseen costs down the road.
In addition, before you start a major project, take into account how long you plan to stay in your home. If you’re not sure how long you’ll be there, it may be smarter to save money or wait until interest rates lower before taking on a large renovation project that could leave you with a huge debt burden when the time comes to sell.
While most homeowners will complete a home improvement project in the future, the exact nature of these projects will depend on the state of the economy, inflation and whether or not a recession is on the horizon. While the majority of these projects will be geared toward making their homes more comfortable, only about 20% of them are intended to attract potential home buyers. Despite these factors, homeowners are optimistic about the future of home improvement and will likely continue to invest in their properties. For example, 72% of respondents to a recent LightStream survey said they are “refocusing on larger, more meaningful projects that will make their home feel more purposeful and joyful.” This sentiment is especially true for older adults.