Home improvement is a broad category of work that includes renovation, repair and maintenance of one’s house or property. This type of work is generally done to improve the safety and security of a dwelling or its occupants, and may also be done to update it or make it more appealing to potential buyers in the case of an eventual sale. Home improvements can be very complicated, and as such, it is important to seek the help of a qualified professional for projects that require significant technical knowledge or expertise, such as electrical, plumbing or installing heat systems.
A common misconception about home improvements is that they automatically increase a home’s value, but this isn’t always the case. Some projects offer excellent return on investment, while others don’t, and the varying ROIs depend on how much you invest and the quality of the work.
The most popular home improvement projects, according to the 2021 American Housing Survey, include kitchen remodeling (which costs $43,838 on average), bathroom remodels ($30,910 on average) and putting up a fence ($754 on average). However, the number of home improvement projects performed by homeowners has declined from 2020 to 2021, possibly due to rising prices and other economic factors.
Despite the dip in overall home improvement spending, most homeowners do see the value in improving their homes. In fact, 42% of those who have undertaken renovations say they were able to do so without tapping into savings or going into debt. This is a slight decrease from the 50% who said the same thing in 2020.
According to a NerdWallet survey, the main reason for doing home improvement projects is to increase the comfort of one’s home and 57% report that it was because they want to feel more satisfied with their house. However, those who want to sell their home in the future are also likely motivated by a desire to make it more attractive to prospective buyers.
While it is possible to complete many home improvement projects yourself, most experts advise hiring a professional for those that are complex and potentially dangerous. In addition, it is recommended to conduct a thorough background check on contractors before hiring them for any work. This should include checking licensing and insurance, as well as client references. For those who are not comfortable performing these checks, aggregator sites that bundle home improvement services and connect them with interested homeowners can be helpful. Just make sure to use caution when using any aggregator site, as these companies may not be fully licensed and insured. In addition, some aggregators have been known to overcharge clients for services. This can lead to costly lawsuits for both the homeowner and the aggregator. As such, it is a good idea to contact a local service provider directly when hiring someone for any home improvement project. This will help to avoid any potential problems. In addition, it will save you money and time.