Home improvement refers to any type of renovation, remodeling or repair work done on a residential property. It also includes the addition of new components to a home such as swimming pools, driveways and porches. Home improvements can also include the installation of new energy-efficient appliances, doors or windows.
The demand for home improvements has surged over the past decade as homeowners are looking to increase their house’s resale value and curb appeal. The home improvement sector is expected to continue growing this year because of record-low interest rates and the fact that it’s relatively inexpensive to renovate homes at this time. In addition, the aging baby boomer population is a major force driving home improvement spending. According to a recent study by the Harvard Joint Center for Housing Studies of America, homeowners aged 55 and over account for half of all home improvement spending.
According to Angi, many of the surging home improvement categories are related to projects that add value to a home or make it more comfortable, such as refinishing hardwood floors and adding new woodwork or molding. Other categories that are on the upswing include landscaping and putting in fences. However, homeowners should be cautious with the type of improvements they choose to make, as not all will pay off when it comes time to sell.
When choosing a contractor for a home improvement project, it is important to get several estimates. Aside from price, homeowners should also consider the contractor’s experience, reputation and ability to finish the job in a timely manner. Also, it’s a good idea to check for professional licensing and business references.