Home improvement is the process of renovating a home, often by adding new features or upgrading existing ones. A common motivation for remodeling is to increase the value of a property, but homeowners also undertake home improvements to make their living spaces more enjoyable and comfortable.
The home improvement frenzy was fanned by high interest rates, stubbornly high inflation and a slumping housing market, but now that the pandemic is over, spending on improvements appears to be cooling off. In fact, Harvard University’s Joint Center for Housing Studies is projecting that homeowner spending on renovations will decline this year and next.
When planning your next home improvement project, keep these tips in mind:
– Research contractors thoroughly. Look at online reviews and visit their websites to get a sense of the company’s professionalism and experience. Don’t be afraid to ask for references, too. – Never pay in full upfront. Insist on a payment schedule, and withhold final payments until work is completed and you’re satisfied.
It’s one thing to watch a show like Fixer Upper or This Old House, but it’s another thing entirely to take on a major home renovation yourself. Before you pick up that sledgehammer, it’s important to understand which projects will really boost your home’s value—and which may even decrease it. From kitchen additions to new windows, there are a few common home improvements that consistently provide the best return on investment. And, on the flip side of the coin, some purely aesthetic upgrades (like that expensive backyard water feature and koi pond) are unlikely to attract buyers.