Home improvement is the process of improving, remodeling or renovating a home. This industry involves the building, repair and maintenance of homes and includes the installation of appliances and decor. The market for home improvements is driven by consumer demand and the need to make a home more functional, attractive and energy efficient.
Whether it’s to update an outdated kitchen, add an extra bathroom or create a backyard paradise, homeowners are spending their hard-earned money to improve their properties. But not all projects pay off when it comes time to sell.
To make the most of your home improvement projects, follow these tips:
1. Start with a realistic budget. Home improvement projects can get expensive fast, so it’s important to determine a budget ahead of time and be upfront with contractors about how much you can afford to spend. This will help avoid overspending and ensure that the project is completed on time and within your desired budget.
2. Do-it-yourself is often cheaper than hiring a professional. Many people choose to tackle home improvement projects on their own to save money. However, it’s always a good idea to have an expert take a look at any major projects before you begin work. This will prevent costly mistakes and potential safety hazards. Plus, if you hire someone to do the job, you’ll need to factor in the cost of materials and labor.
3. Get multiple estimates before starting any work. Be sure to compare prices and make sure the contractor you’re considering is licensed and insured. Also, ask friends and neighbors about their experiences with particular contractors to find out if they were satisfied with the results. Also, be sure to read reviews and check out any social media profiles to see what others are saying about the contractor.
4. Focus on upgrades that will increase your property’s value. The most valuable home improvements are those that will increase your property’s resale value and will appeal to a broad range of buyers. Some of the top resale-boosting projects include installing a new front door, replacing old carpeting and adding fresh paint to a room.
5. Make sure your renovations are tax-exempt. In some states, such as New York, you can get a tax break on your material costs if you have documentation that the project is considered a capital improvement. Contact your department of taxation and finance to find out how to qualify.
The home improvement industry is experiencing healthy growth results in recent years, especially during the COVID-19 pandemic when consumers were hesitant to move and focused on making their current homes more comfortable. The industry is expected to continue growing in 2023, as more and more consumers will be looking to upgrade their living spaces. This is great news for companies that provide building materials, appliances and other products and services related to home improvement.