The home improvement industry has benefited from America’s obsession with renovating and improving their living spaces. Companies like Home Depot rake in billions from this consumer trend. But now that the coronavirus lockdown is starting to fade, the demand for home improvement projects will likely start to decline as well. This may have a negative impact on companies such as Home Depot and other large home improvement retailers.
Home improvement is the remodeling, altering, painting, repairing, renovating, restoring, or modernizing of residential and noncommercial property. This includes the construction, installation, replacement, or repair of driveways, garages, basements, bathrooms, kitchens, home exteriors and interiors, fences, roofs, insulation, heating and air conditioning equipment, water heaters, and more.
Some home improvements, such as adding a new bathroom or upgrading the kitchen, have high ROIs and can add value to the house. However, others, such as replacing the roof or installing a pool, have low ROIs and can detract from the house’s resale value.
A homeowner’s budget should be considered before deciding on a home improvement project. If the budget is not carefully planned, a renovation can get out of control and lead to unnecessary expenses. To avoid spending more than you can afford, consult a financial planner and a realtor to discuss what projects are likely to boost your home’s resale value.
Choosing a contractor to work on your home improvement project is an important decision. The best contractors have a proven track record and are licensed and insured. They also provide warranties for their workmanship and materials. You should avoid any contractor whose contract does not have their name, address, and MHIC license number preprinted on it. You should also check for any professional memberships and business references before hiring a contractor to do home improvement work.
Home improvement can be a fun and rewarding experience. But before you dive into any renovations, take a step back to consider why you’re doing it. Is it because you want to live in a more beautiful home? Or are you hoping to make a profit on the resale of your home? Ultimately, it’s best to renovate for your own comfort and enjoyment rather than to impress buyers.
Home improvement is a common and necessary part of owning a home. But there are some projects that are better left to professionals. Taking on too many DIY projects can lead to shoddy work and a lot of frustration down the road.