Home improvement is the remodeling, repair, restoration, and modernization of a residential or noncommercial building. This includes the installation of heating and air conditioning equipment, interior plumbing and electrical systems; doors; windows; wall-to-wall carpeting; and other similar improvements. This industry also includes the sale of building materials, appliances, and decor for home use, as well as the providing of services to construct, remodel, or improve homes.
The home improvement industry is one of the fastest-growing segments of the U.S. economy, and for good reason. Homeowners are spending more money than ever before on projects to upgrade their houses and make them more livable. While this trend is expected to slow down slightly in 2023, it’s not likely to disappear completely.
When it comes to the most popular home improvement projects, kitchen remodels and bathroom renovations continue to top the list. These updates can increase the overall value of a home, especially if done correctly. However, not all home improvement projects are created equal. Some have a greater impact on resale than others. A comparative market analysis performed by a real estate agent can help homeowners determine which improvements will add the most value to their home.
There are many reasons why people choose to renovate their homes. For some, it’s about adding a new level of comfort and luxury. For others, it’s about increasing the resale value of their property or simply improving their quality of life. Whatever the motivation, people can find a project to suit their needs and budget.
According to the National Association of Realtors, more than 83% of homeowners plan on upgrading their properties during the pandemic. But this spike in renovations isn’t necessarily related to the pandemic. The NAR reports that homeowners are renovating for a variety of reasons, including replacing worn-out surfaces and materials (30%), adding features and improving livability (20%), and just wanting a change (16%).
While whole-house renovations can add a lot of value, they can also be very expensive. Luckily, there are some simple ways to add value to your house without going into debt or ransacking your savings. Painting, re-grouting tile, and power washing the outside of your home are inexpensive projects that can make a big difference in your home’s curb appeal.
In addition, homeowners are increasingly focusing their energy on outdoor projects like putting in a deck or a fence, and installing high-tech upgrades such as smart thermostats and security systems. Adding these upgrades to your home can help it stand out from the competition and attract potential buyers.
A full-home renovation is an extensive process that involves changing the entire layout of a home. This can include demolishing existing elements and installing new ones. A complete renovation can transform an old, outdated house into a modern living space that fits the homeowner’s lifestyle and tastes. The most common areas of the home to be renovated are kitchens and bathrooms, although bedrooms and basements are also being updated more frequently.