Home improvement is the process of remodeling or adding features to a home or property. These projects can be small such as painting or decorating, or large such as a room addition. Home improvements may be done for a variety of reasons, including improving the home’s livability or making it more energy efficient. It is often done by a general contractor.
According to the 2021 American Housing Survey, homeowners spent $624 billion on home improvement projects that year. That’s more than double what they spent in the same period just a decade earlier. It’s not clear what drove the increase, but some speculate that lower interest rates have made improvements more affordable.
A recent NerdWallet survey found that the most popular home improvement projects involve work on the outside of a house: Deck construction is up 275%, hiring landscapers is up 238% and building fences is up 144%. These projects tend to be less expensive than more involved renovations, such as kitchen remodels.
Other popular projects include installing a security system and upgrading heating, ventilation and air conditioning systems. These upgrades can improve a home’s energy efficiency and make it safer to live in. However, some people go overboard when it comes to home improvements and end up spending more than they can afford. This can result in them having to sacrifice other spending or even go into debt to finish the project.
When it comes to the reasons for doing home improvements, most homeowners say they want to make their homes more comfortable and livable for themselves and their families. Many also say they are motivated by the desire to add value to their home.
The NerdWallet survey found that homeowners who are considering home improvement projects in the future say they most often look to online content for inspiration and ideas. They also like to talk to their friends and neighbors about the projects they’re considering. However, most of these homeowners still plan to hire a professional for their work.
A homeowner who is planning a home improvement project should consider what other similar houses in the neighborhood have and be sure to keep the project in line with the style of those homes. This will help ensure that the project will add value to the home. It’s also a good idea to talk to a real estate agent about what types of projects are likely to recoup costs and which ones may not.
Homeowners should also consider how long they plan to stay in their current home before deciding on what types of projects to undertake. This will help them determine whether to choose high-return projects or those that are more likely to attract a lot of attention from potential buyers down the road.
Many homeowners also need to think about how safe the project is, especially if it involves electrical or plumbing work. They should never attempt to perform these tasks themselves if they are not skilled enough or could hurt themselves or others.