Home improvement, also known as home repair or remodelling, is the process of upgrading one’s house by changing its interior and exterior. The goal is to make it more pleasant and functional for the people living there. This can be done by installing new fixtures or repairing the existing ones. This can include remodeling the bathroom or kitchen, or adding a new room. Home improvements can be expensive and time consuming. It is important to know what the return on investment (ROI) will be before undertaking any major projects.
According to the American Housing Survey, Americans spent about $624 billion on home improvement projects during the two-year period between 2019 and 2021. The figure represents a nearly doubling of the $300 billion spent during the previous decade.
Some of the most popular projects include refreshing shower areas, replacing vanities and toilets, laying new tile, or upgrading fixtures and lighting. Some homeowners may want to do more extensive renovations, such as adding a new room or redoing the entire floor plan. However, even smaller changes can make a big difference in the look of a space. For example, painting walls or putting in new light fixtures can give a room a fresh start without breaking the bank.
Many home improvement projects can be dangerous, particularly if the homeowner is not experienced with the task or does not follow proper safety procedures. Therefore, it is best to hire professionals for any work that requires specialized skills or tools. Homeowners should check the licenses and insurance of any contractors they hire, and get a written contract before any work begins. This contract should contain a detailed timeline for project completion, a payment schedule, and any warranties or guarantees provided by the contractor.
If a homeowner is considering taking on a home improvement project, they should consult with a real estate agent to determine what improvements will add the most value to their home. This can help avoid spending money on upgrades that may not pay off when it comes time to sell. It is also a good idea to consult with a tax specialist to ensure that any payments made towards the home improvement project are tax-deductible.
Regardless of the type of home improvement project undertaken, it is important to have the necessary permits and inspections completed before starting any work. The local government may require permits for certain types of work, and inspections may be required after work is completed to ensure that it meets all applicable codes.
The popularity of home improvement shows such as HGTV’s ”Home Improvement” has given rise to a number of DIYers who want to improve their homes without the cost of hiring professionals. However, it is important to understand that the ROI on home improvement projects can vary widely. Some projects will not provide the desired result, and some may be even more expensive than anticipated. For this reason, it is critical to budget carefully and stick to a realistic timeline for completion.