Home improvement is an industry that encompasses the sales of building materials, appliances and decor as well as the hiring of contractors and other professionals to remodel or improve homes. According to the NerdWallet report, this industry experienced a boom during the COVID-19 pandemic, with homeowners seeking satisfaction from upgrading their living spaces. The industry should continue to prosper in the future, though it is expected to slow down as a result of a possible recession and inflation.
In general, Americans are spending more on home improvements than they have in recent years. This trend is being led by those 55 and older, who make up a significant proportion of homeowner renovation activity. However, there are some common mistakes that homeowners should avoid when undertaking these projects, and it is important to evaluate the return on investment before starting a project.
For example, a home renovation may become more expensive than anticipated if you discover a hidden problem such as rotted subfloors or shoddy repair work. These extra expenses can quickly add up, so it is essential to have a budget before you begin. This will help ensure that your project stays within your budget, and you won’t end up overspending or going into debt to complete the work.
One of the most common mistakes homeowners make is choosing expensive materials without considering the total cost of the project. While it is tempting to splurge on those beautiful floors or cabinets, this can quickly exceed your budget. When choosing materials, consider both the price of each as well as their durability and aesthetic. It is also a good idea to look at different options, including used or recycled materials, so that you can find something that fits your budget.
Homeowners should also be mindful of the potential effect their renovations will have on resale value. A high-end master suite, for example, may increase your home’s value if you are planning to sell it in the future. However, if you are planning to live in your home for several more years, it is likely that any added value will be offset by the money you will spend on renovations and upgrades.
Lastly, it is vital to remember that your safety should be a top priority when completing home improvement projects. This is especially true if you are working with electrical or plumbing work. Taking the time to read safety instructions and consult with a professional can help you to avoid any unnecessary risks. This can also help ensure that your project is completed properly, preventing costly mistakes that could lead to injury or damage to your property.