Home improvement is any activity aimed at improving the aesthetic, functional or safety aspects of your home. It may be as simple as changing the color of your walls, or it can include a complete remodel or extension of your property.
The home improvement industry is an important part of the economy, encompassing building materials, appliances, decor and other enhancements that make your home more comfortable or attractive. It also includes the professional services provided by tradespeople and contractors who carry out these projects.
In recent years, homeowners have made significant upgrades and repairs to their homes. Some of these improvements add value to a house and increase its resale price.
Others improve a home’s energy efficiency or reduce utility bills, which could help you save money over the long run. Still other changes are purely cosmetic, including adding a new paint job or updating your furniture.
Most of these projects aren’t expensive, but they can add considerable value to a home. The trick is to choose updates that appeal to a wide audience, so you can sell your home at the highest possible price.
If you’re looking to add some character to your home, consider installing crown molding in your rooms. This inexpensive task can create a custom look in your home, and it’s easy to do yourself.
Another DIY project that’s a great way to add value without breaking the bank is painting your entire house. A fresh coat of paint can transform even a dated home into a modern space.
In 2023, experts say that homeowners will spend more on home repairs than they do on high-end renovations. Many people are cash-strapped and can’t afford to pay for high-end projects, so they’ll opt for lower-cost alternatives.
The home improvement industry is strong, and it’s projected to grow in the coming years. In fact, total spending on home improvement projects is expected to double from about $300 billion in 2013 to nearly $624 billion by 2021.
But inflation and potential recessions are going to influence how much American homeowners spend on home improvement in the coming years. Regardless of these factors, homeowners are sure to take advantage of the many benefits that home improvements offer.
Home improvement is an important part of the American economy and a major reason why housing prices are rising. In fact, home repair and improvement projects accounted for an estimated $1.3 trillion of the total amount Americans spent on their homes in 2018.
The American Housing Survey found that nearly 135 million home improvement projects were carried out in the past two years. This represents an increase of 44% from the 2017-2019 period, and it was the second-highest two-year growth rate in the survey’s history.
As the American housing market continues to recover, more and more homeowners are taking on home improvement projects. And they’re planning on making them happen despite a host of challenges, from supply chain and contract backlogs to the ongoing threat of inflation.