Home improvement is a major industry, encompassing the construction materials, appliances and decor that improve a house’s appearance or functionality. It also includes the workers and contractors that build, repair or remodel these items. The industry has reached excellent growth results in recent years, especially during the COVID-19 pandemic.
The most common reasons homeowners take on home improvement projects are to add convenience for their family and make the house a better place to live. This may include adding a deck for outdoor entertainment, a second bathroom, or making the kitchen more functional. Homeowners also often renovate to increase energy efficiency. New windows, a heat pump or added insulation are some examples of energy-saving improvements that can pay for themselves over time and lower your utility bills.
Some home improvement projects are critical, such as fixing a leaky roof or addressing electrical problems. These projects can be dangerous and should never be put off.
Other homeowners are improving their homes to boost resale value or to make it easier to sell the property when they decide to move on. This type of remodeling typically involves major structural changes and can be very expensive. A well-planned project with the right contractor can help you get a good return on investment and maximize the value of your home.
Many homeowners are concerned about the economy and whether or not the country is entering a recession, which could affect their decisions about home improvement. However, the majority of homeowners surveyed in the NerdWallet survey said they plan to undertake some sort of home improvement over the next two years. Some of the most popular projects include painting rooms, replacing light fixtures and putting in new flooring.
While some home improvement projects can be costly, most people say they can afford to pay for them without tapping into savings or going into debt. However, only about half of these homeowners say they are able to achieve this without having to sacrifice other aspects of their lives.
When choosing contractors for a home improvement project, consumers should check their licenses and insurance, and request references from previous customers. This will help them avoid hiring unlicensed or under-insured contractors who could cause damage to the home and injury to a family member. Consumers can also find a licensed contractor by using an online service that acts as an aggregator, matching offers from several different contractors with the specific needs of the homeowner. Licensed contractors are also required to carry liability insurance, which protects the homeowner in the event of an accident on the job site. If you do hire a contractor, it is important to understand their payment terms and cancellation policy before the work begins. A contract that contains a clause prohibiting the contractor from charging more than agreed upon in a dispute is a sign of professionalism and a good business practice. The contract should also provide a clear timeline for when the job will be completed.