Home improvement is an industry that encompasses the sale of building materials, appliances, decor and other items used to improve homes. It also includes the hiring of contractors, tradespeople and other workers to perform a variety of renovation or home improvement tasks. In recent years, the industry has seen excellent growth results, especially during the COVID-19 pandemic.
There are a number of factors that contribute to this trend, including rock-bottom interest rates, the desire to create a more comfortable living space and an increased willingness by older homeowners to renovate their homes. In addition, many seniors find that their home equity has accumulated over time and they are financially equipped to make improvements.
Moreover, some home improvement projects are just a necessity. Repairing electrical problems, repairing a leaky roof and replacing worn doorknobs are all examples of jobs that simply can’t be put off. In addition, some repairs may be required to ensure that your home is safe for habitation, such as replacing old shingles or fixing a crack in the foundation.
Another popular reason to take on a home improvement project is to increase your property’s resale value. However, it is important to remember that resale values can be impacted by the overall housing market, so don’t overspend on projects that will not pay off when you’re ready to sell.
The best home improvement projects to undertake for resale purposes include bathroom and kitchen remodels, adding a master suite and finishing the basement. These projects add the most value to your home and are likely to return a high percentage of your investment.
However, it is important to keep in mind that your happiness and comfort should also be a factor when making home improvement decisions. A beautiful yard and a modern kitchen can improve your quality of life just as much as they can boost resale value.
If you are considering a major home improvement project, consult with your real estate agent to discuss the cost recovery and what kind of return on investment you can expect. You can also apply online for a cash-out refinance to help finance your project.
It is also a good idea to research the history and reputation of any contractor you plan to hire for your home improvement project. Checking with your local Better Business Bureau is a good place to start, and it’s also a good idea to ask for references and licenses. Finally, it’s a good idea to consider working with an aggregator, which acts as a middleman between you and service providers. This can help reduce the risk of scams and other common issues that can plague the home improvement industry. A good aggregator will perform background checks on all service providers and only works with licensed, insured companies. This way, you can rest assured that you’re working with a reputable company.