Home improvement is the process of making changes to your home in order to increase its value and livability. This can include anything from painting and resurfacing your driveway to adding a new deck or even installing a pool. Regardless of the type of project you choose, it is important to understand what return on investment (ROI) you can expect. This will help you make the best decision about whether or not to undertake the home improvement project and what budget you should set aside for it.
According to the American Housing Survey, homeowners spent a total of $522 billion on home improvement projects in 2021. This is a significant increase over the previous two years. Homeowners reported that they were motivated to renovate by things like replacing worn-out surfaces and finishes (30%), improving livability (25%), adding features and improvements (20%), and just wanting a change (16%).
A home improvement project can be costly, but it doesn’t have to break the bank. There are many do-it-yourself (DIY) home improvement projects that can be completed for relatively low costs. For example, re-grouting tile or painting the exterior of your home are both cheap home improvement projects that can add real value to your property. These small DIY home improvement projects can also save you money when it comes time to list your home for sale.
If you’re not sure where to start with your home improvement project, there are many online resources that can give you ideas and advice. Websites like Pinterest can provide you with a variety of home improvement ideas that range from simple to complex. You can also find tutorials on how to complete a particular home improvement project. Some sites are free, while others require a subscription fee to access the information.
In addition to online resources, there are many local home improvement stores that offer workshops and classes on how to do certain home improvement projects. These classes and workshops can be a great way to get the most out of your home improvement project and ensure that the job is done correctly. They can also be a great way to meet other people who are interested in doing home improvement projects.
While many people are concerned about the COVID-19 pandemic and how it will impact their ability to work on home improvement projects, the fact is that spending on these projects has continued to rise throughout the year. This is primarily due to the increased amount of time that people are spending at home, which has resulted in a surge in DIY projects. This is expected to continue into 2023 and beyond. Homeowners will continue to look for ways to improve their living spaces and enjoy the satisfaction that comes with a well-renovated home. The industry is projected to continue growing as a result.