Home improvement is a booming industry, and the trend is not expected to slow down any time soon. From a quick fix to a complete renovation, these projects add functionality and value to your home. This article explores the latest stats, trends and predictions in this growing sector of the housing market.
While the pandemic may have spurred some homeowners to remodel, the National Association of Realtors (NAR) 2022 Remodeling Impact Report found that most homeowners were already planning upgrades before the epidemic hit. The survey reported that homeowners cite many reasons for upgrading their homes, including repairing worn-out surfaces, finishes and materials (30%), increasing the livability of their homes (20%) and improving curb appeal (16%).
Many home improvements add value to your property, but some are more likely to pay for themselves than others. It’s also important to consider the resale value of any project before you pick up your sledgehammer. Talk to a real estate agent before you start knocking down walls.
There are lots of small, inexpensive DIY projects that can freshen up your space without breaking the bank. For example, swapping out the hardware on your cabinets and drawers for new knobs, pulls and handles is an easy and satisfying do-it-yourself project that can make a big difference. Another simple way to update your look is by adding some architectural details, such as crown molding, baseboards or corbels. These projects are also a great way to increase your home’s value, because potential buyers will notice the attention to detail.