Home Repair and Improvement – 115 Million Projects in 2017 and 2019
There are some things that can’t be avoided: death, taxes and if you’re a homeowner, home repair and improvement projects. Whether they’re in response to a leaky roof or a desire to make your home more comfortable, these tasks can quickly add up. In fact, homeowners spent an estimated $522 billion between 2017 and 2019 on 115 million projects.
The home improvement industry encompasses the retail sale of building materials, appliances and decor as well as the construction, remodeling, alteration, repair, restoration, conversion and modernization of a residential structure or its attached property. It also includes maintenance, repair and upkeep of the home, garden and grounds.
Many homeowners take on home improvements in order to increase the value of their homes. However, not all projects offer a high return on investment. Homeowners should consider the needs of potential buyers and their personal taste when choosing a project. A poorly executed renovation could actually decrease a home’s value rather than improve it.
Homeowners should also carefully consider the timing of their projects. If they intend to sell their home in the near future, they should choose projects that will have the highest return on investment. Projects that are likely to attract the attention of prospective buyers include adding outdoor living spaces, kitchen and bath upgrades and updating a home’s flooring.
When deciding to hire contractors for home improvement projects, it is important to compare price quotes from several companies. It’s also a good idea to consider the contractor’s experience, reputation and length of time in business. It is also a good idea to verify the license and insurance of any company before hiring them for work on your home.
One home improvement project that has a great ROI is installing a new front door. A well-made, secure door can boost a home’s security and improve its appearance. Other cost-effective projects that can make a big impact in the appearance of a home are painting the exterior and staining or replacing the deck.
While the COVID-19 pandemic has made it more difficult for some homeowners to get home improvement projects completed, those who have been able to take on these jobs report higher levels of satisfaction with their homes. Adding bedrooms and bathrooms is a common renovation that can both add value to a home and accommodate growing families.
Whether you’re planning to sell your home or simply looking to upgrade some of its features, it is important to keep in mind that any renovations should be consistent with the surrounding neighborhood. A lavish backyard fountain might look out of place in a suburban neighborhood, for example. It’s also a good idea not to overspend on a project that will put you in debt. Sticking to a budget is essential and using a home improvement financing calculator can help you weigh your options. These calculators can help you weigh the costs of home equity loans and lines of credit, personal loans, refinancing your mortgage or even using a credit card.