Home improvement is the act of improving or altering the interior or exterior of a dwelling. It may also refer to a particular project or renovation, such as installing an extension, renovating a kitchen or bathroom, adding a deck or patio, or building a fence. In some cases, the term home improvement can also be used to mean the process of making a house more energy efficient.
According to recent research, spending on home improvements surged in 2022 and will continue to climb through 2024. Much of this growth is being driven by homeowners who are 55 and older. This article explores how the home renovation industry is evolving, and highlights statistics about the most popular projects.
Most homeowners know that renovating their homes can increase the value of those homes. However, not all home improvement projects provide a great return on investment. In fact, most do not even come close to recouping the costs that are incurred during the project. So, if you are considering remodeling your home, it is important to do your homework first to ensure that the projects you are undertaking will add value.
If you are planning to hire a contractor to do your home improvements, it is also crucial to select one with care. Be sure to check for licenses, insurance, business references, and certifications. It is also a good idea to work with aggregators that offer a range of home improvement services and have vetted contractors.