Home improvement is an industry that includes services and products ranging from plumbing to roof repair. It is often a multi-step process, which can include removing existing materials and installing new ones. It is a popular project for homeowners because it can improve the value of their property and make it more attractive to potential buyers. However, it is important to choose a reputable contractor, check business references and verify license and insurance before hiring anyone to work on your home.
Many people take advantage of low interest rates to finance their home improvements. In addition, many homeowners use their home equity as a source of cash for renovations. The 2021 American Housing Survey asked homeowners about the projects they had done on their homes over the previous two years. The most common were kitchen and bathroom renovations, which averaged $4,838, and security systems, which cost an average of $754.
Consumers have been slowing down their ambitious home renovation plans as they sift through Covid lockdowns. Home improvement retailers like Lowe’s and Home Depot have reported a decline in sales, but they say it’s due to consumers deferring bigger renovation projects for now. Those who are renovating are choosing lower-cost do-it-yourself projects that won’t require a lot of money and skill.
When it comes to home improvement, the quality of the materials you choose can greatly affect resale value. But don’t go overboard with luxury upgrades that might turn off buyers. Instead, stick with midrange options that have a track record of adding value to your home and will appeal to most prospective buyers.