Home improvement is an industry that covers the sale of building materials and accessories, as well as the services offered by contractors, plumbers, carpenters and other workers who help with construction or renovation projects. The industry experienced a boom during the COVID-19 pandemic, and is expected to continue growing in 2023.
Homeowners can find a lot of satisfaction in improving their homes. The benefits can include increased comfort, convenience and safety; improved appearance; and a higher resale value. However, the number of projects and costs can add up quickly. To keep costs low, homeowners should consider what features are important to them and stick with a budget. Then they can choose which improvements will provide the most return on investment.
In addition, it is important to remember that not all home improvements will increase a home’s resale value. While adding a swimming pool or a new deck may seem like a good idea, they are not usually worth the cost if you plan to sell your house in the future. In fact, many upgrades are done for purely cosmetic reasons, such as replacing doorknobs or cleaning out rain gutters. It is better to focus on maintenance and repairs that will actually improve a home’s functionality, such as fixing leaky roofs or termite infestations.
The types of home improvement projects that are surging in popularity in 2023 are those aimed at making a property more energy efficient. New windows, a heat pump and added insulation can all lower energy costs and pay for themselves over time. They can also make a home more attractive to potential buyers who are looking to save on utility bills.
Other popular home improvement projects include landscaping and installing fencing, both of which can boost a property’s curb appeal. These projects can be very expensive, but the results can be spectacular. Getting a pre-approval from a lender is a good idea before starting any major work, so homeowners can determine how much they can afford and how long it will take to repay the loan. Credit cards and personal loans are available for small-to-medium projects, while a home equity line of credit or mortgage can cover larger expenditures. These options offer the advantage of lowering interest rates and cutting down on private mortgage insurance payments, but homeowners should be aware of their home’s resale value before choosing to finance an improvement. A resale value can be affected by the type of project completed, how long it takes to complete and the quality of work performed. Therefore, it is best to hire a professional contractor. This will ensure that the job is completed correctly and safely, avoiding costly mistakes. It is also a good idea to obtain multiple quotes from different contractors before hiring one. This will ensure that the price is fair and that the best possible job is done. It is also a good idea to look for companies that have a fixed business address and stand by their warranties.