Home improvement is a term used to describe any type of renovation or repair that makes your home more functional and comfortable. Some home improvements are cosmetic, while others can improve the safety of your house or help make it more energy-efficient. The home improvement industry includes companies that sell building materials, appliances and decor as well as contractors and tradespeople who build or renovate homes.
The home improvement industry has reached excellent growth results in recent years. This trend was particularly evident during the pandemic, when many homeowners were focused on making their houses more functional and attractive. The industry is expected to continue growing, even after the COVID-19 epidemic has passed.
Some of the most popular home improvements are bathroom and kitchen renovations. These projects can increase the value of your home and make it more appealing to potential buyers. But they can also be costly, especially if you choose to add luxury options like granite countertops or custom cabinets.
Other common home improvement projects include adding new rooms and installing a deck or patio. If you’re considering a major home improvement project, it’s important to consult with a professional to ensure that the work is done correctly and that it’s within your budget.
A professional can provide you with detailed estimates and help you avoid overspending. They can also advise you on how to choose the best materials for your project. For example, you might want to consider using recycled materials instead of purchasing new products that are more expensive.
According to a survey by the National Association of Realtors, most homeowners renovate their homes to make them more enjoyable and functional. The survey also found that more than half of homeowners who undertook projects in the past two years cited increased satisfaction with their homes as motivation.
Most homeowners use cash to pay for home improvement projects. However, when expenses start to add up, some homeowners find themselves tapping into savings or going into debt. In fact, 20% of homeowners who undertook home improvement projects in the last two years had to sacrifice other spending or sell items to afford their renovations.
Despite the challenges, some consumers are still planning to take on home improvement projects this year. The NAR’s 2022 Remodeling Impact Report found that a majority of homeowners are optimistic about their home’s value and are eager to invest in upgrades.
In addition, a significant number of people turn to social media for inspiration when it comes to home improvement. Many TikTok and Instagram users post advice on how to remodel a bathroom or kitchen without breaking the bank. But it’s important to remember that it’s one thing to watch a show about fixing up homes and another to actually do the work yourself.
In order to complete your home improvement project, you’ll need to find a qualified contractor. There are a number of things to consider when choosing a contractor, such as price, experience, and reputation. In addition, you should always review a contract before agreeing to have any work done. In Maryland, all contracts for home improvement must be in writing and have the contractor’s name, address, and MHIC license number preprinted on it.