Home improvement is a big industry. In fact, homeowners spent $522 billion on projects in the past two years, according to Census Bureau data. That’s up $72 billion from the previous two-year period and reflects a renewed interest in home renovation projects. But which ones are worth it? And what are the best ways to make your house more comfortable and valuable? This article will explore the latest home improvement trends, statistics, and tips.
Almost everyone has a list of home improvements they want to do, from replacing doors and windows to renovating the kitchen or bathroom. And with TV schedules packed to the brim with shows like Fixer Upper and This Old House, it’s hard not to get inspired. But it’s one thing to watch an episode of a show and another to take on the job yourself, which is why it’s important to have a plan before you pick up that sledgehammer. This is especially true if you’re not sure what type of project will add the most value to your home. Luckily, we’ve got some answers.
1. Know Your Budget
When it comes to home improvement, a lot of things can go wrong—like finding out a plumbing leak has caused rotten subflooring or the shingles were hiding shoddy repair work. But when you plan your project carefully, understand the cost and choose high-quality materials, you’re more likely to have a successful, stress-free experience.
2. Find a Contractor
When you’re ready to start your home improvement project, it’s important to find a qualified professional. To do this, ask friends and neighbors for recommendations. Then, narrow down your options to three or four contractors and meet with them to discuss the project. Get a quote for the entire project and a timeline for when work will begin and be completed. Then, ask for a written contract before any money is exchanged. New York law requires that contracts include payment terms, a schedule for completion, and as many specifics (such as types or brands of materials) as possible.
3. Pick the Right Projects
The best way to increase your home’s value is to focus on projects that will appeal to potential buyers. That means avoiding anything that’s too personal or off-putting, and instead opting for more universally appealing changes like updated kitchens and bathrooms. These upgrades can also be done on a more limited budget by choosing low-cost fixtures and painting the walls rather than replacing the entire room.
4. Do Home Energy Improvements
Investing in home energy improvements can save you money on your heating and cooling costs while also cutting down on carbon emissions. The most popular energy-saving projects include installing insulation, adding a new boiler or furnace, and replacing outdated appliances with energy-efficient models.
Homeowners have developed a renewed interest in home renovation, driving a boom in the industry over the last few years. But with a slowing housing market, rising labor costs, and supply chain issues affecting the industry, growth is expected to plateau in 2023.