Home improvement is a broad term that refers to any renovation, remodeling, or upgrade of a property used as a residence. It can include the construction or installation of items such as kitchens, baths, decks, porches, garages, or pools. It also may refer to the improvement of the exterior of a house such as painting, resurfacing a driveway or sidewalk, or adding landscaping features.
According to the NerdWallet survey, three-fourths of homeowners have money set aside for home improvement projects. That’s up from 69% in 2018. And 80% of respondents say they stick to their budget for these projects, compared with 76% in our previous survey.
The home improvement industry is an economic sector that includes the sale of building materials, appliances, decor, and services offered by contractors, repairmen, and others who make repairs or improvements on a house. It has enjoyed excellent growth results in recent years. In 2023, this industry is expected to continue to grow.
Many people undertake home improvement projects to increase the value of their homes or change the way their properties function. However, it’s important to understand that not all projects add value or result in a return on investment when you’re ready to sell your home. It’s important to do your research and talk to real estate professionals about your plans to determine which projects will pay off.
Some home improvement projects, like a master suite addition or a new deck, are likely to add value to your property. Other projects, like replacing outdated fixtures or a custom paint job, are less likely to recoup their costs. In general, it’s a good idea to spend your money on upgrades that will appeal to the widest range of potential buyers.
Homeowners should hire licensed contractors for all home improvement work, including minor repairs. The contractor should provide a written contract that includes a description of the work to be performed, the dates when the project will begin and end, and the price of the work. The contract should also include any warranties on materials or workmanship. New York state law requires that contractors obtain a permit and submit a certificate of insurance to perform home improvement work. It’s also a good idea to check a contractor’s background and business references before hiring them.