Home improvement is a broad term that refers to any renovation or remodeling project done on a residential dwelling. In addition to enhancing aesthetic appeal, these projects can also add to the property value. In general, the improvements made on a home should be cost-effective and durable. Homeowners usually carry out home improvement projects for a variety of reasons such as increasing the comfort and functionality of the house, improving the safety of the house, or making it more attractive to potential buyers.
The most popular home improvement projects include kitchen remodels, bathroom renovations, and bedroom updates. Homeowners are typically more interested in these types of projects because they can increase the overall value of their home, and make it easier to maintain and clean. In the case of energy-efficient upgrades, homeowners can often qualify for tax credits.
Despite the pandemic, many Americans are still undertaking home improvement projects. In fact, according to the National Association of Realtors (NAR), 2022 saw a significant spike in these activities. While the NAR cited the pandemic as one of the driving factors behind this surge, it also found that the majority of homeowners were already planning on renovating their homes, regardless of the pandemic.
Many of the projects that were pushed back in 2021 were associated with remodeling the exterior and interior of the home, and improving the kitchen, bathroom, and bedroom areas. Some of the most common reasons for these delays included budget constraints, supply chain issues, and difficulties with pro availability. Fortunately, the NAR has found that these homeowners were still satisfied with their completed projects.
Other categories of home improvement are surging this year. For instance, there has been a threefold increase in deck construction and a 144% increase in fence construction. This is likely due to rock-bottom interest rates, which make it more affordable for homeowners to invest in their properties. Additionally, people are looking for ways to make their houses feel more like homes, and the addition of a deck or fence is a great way to do this.
Painting and re-grouting tile are also popular do-it-yourself home improvement projects. These projects do not cost a lot of money, but can significantly improve the overall look and feel of the home. Additionally, they are low-risk and easy to do.
Another way to improve the look and feel of a home without breaking the bank is by installing accent walls. This is an inexpensive and simple way to add a pop of color to a room, and it can completely transform the space.
Before committing to any home improvement project, it is important to do research. Find a contractor with a good reputation and reviews, and verify that they are licensed and insured. Additionally, it is a good idea to hire contractors that offer a warranty on their work. This will provide peace of mind that the job will be completed correctly and professionally. If you’re borrowing money to complete the project, be sure to find a lender that offers fair terms and conditions.