Home improvement is a big business, and homeowners are eager to make changes that will give their living space new life. Whether it’s a sparkling bathroom overhaul or a remodeled kitchen, these renovations can add to a home’s value. But the costs and work involved in many home improvement projects can be overwhelming. It’s important for homeowners to perform proper due diligence in hiring a contractor. Performing such tasks as verifying insurance, checking business references and looking at contractors’ licenses can help avoid unqualified and overpriced service providers.
According to the American Housing Survey, owners who took on some type of home improvement project in 2017 reported spending more than $522 billion. Of those, the majority worked on minor projects such as painting or refinishing floors. A minority worked on larger projects, such as adding a deck or replacing a roof.
Those 55 and older were the biggest force behind these projects. They made up 25 percent of all owners who performed home improvements in 2017, and they spent the most on average. Millennials were less likely to pursue home improvement projects, and they also spent the least on average.
Over time, even the best-designed homes can start to look dated. That’s because styles change, and homeowners might buy into a fad that quickly becomes out of style. Changing out hardware is an inexpensive and easy do-it-yourself upgrade that can freshen up cabinets and other fixtures. Similarly, swapping out dated light switches or adding architectural details such as crown molding, baseboards or corbels can instantly make a room feel newer and more finished.