Home improvement is anything done to your house that improves its function or aesthetics, such as installing a new kitchen, replacing a roof or painting walls. You can do it yourself, or hire professionals to take care of the project. Whatever the case may be, home improvements add to your home’s value and make it more comfortable.
Millennials plan to spend more than ever on renovations and repairs, according to NerdWallet. They are also more likely to use a credit card for the projects, as the survey found.
The popularity of DIY home improvement shows like HGTV’s Fixer Upper and This Old House has sparked many homeowners to consider remodeling or renovating their homes themselves, as it is often more cost-effective than hiring a contractor. However, it is important to know what home improvement projects are worth your time and money.
Aside from the added comfort and enjoyment, home renovations can increase your property’s value, as they often involve remodeling or repairing features that aren’t in good condition. For example, refinishing hardwood floors can help a property stand out from the competition and increase its value.
You can find a wide range of home improvement projects in the do-it-yourself (DIY) market, from inexpensive to high-end. If you’re not sure what the best option is for your home, start with low-cost upgrades, such as a fresh coat of paint.
In addition, you can invest in more sophisticated DIY projects if you have the necessary skills and patience. For example, you can add a central air conditioning system to your home, which will not only make the place feel more luxurious, but also save you money on energy bills.
While it may seem counterintuitive, home improvement is a great way to boost your home’s value without having to sell it. And it can also help you live a more comfortable life, as you can improve your home’s comfort and safety by fixing problems such as leaky faucets or outdated toilets.
But don’t go overboard, or you could end up making your home feel cramped and uncomfortable rather than spacious and cozy. Before you embark on any renovations, it is crucial to consider your goals and your family’s needs first.
The latest American Housing Survey reports that homeowners spent an estimated $624 billion on home improvement projects in a two-year period, which is more than double the amount reported in 2013. While this represents an increase of 20% over the previous decade, it is still well short of the annual national average of around $300 billion.
A major reason that homeowners are spending so much on home improvement is because they’re concerned about the state of the economy. While only 20% of homeowners say they’re doing it to increase the value of their home, a third say they’re simply trying to fix up an old home that isn’t as functional or attractive as it once was.
For this reason, home improvement is one of the top trends for homeowners to consider in 2022. Angi predicts that painting and wallpapering will be the most popular home improvement projects this year.