Home improvement is an industry that encompasses renovation or remodeling of homes and includes the sale of materials, equipment, and decor used in these projects. The industry also provides the services of contractors, tradespeople, and others who help homeowners with home improvements.
Homeowners have undergone some 135 million home improvement projects in recent years, according to the most recent American Housing Survey from the Census Bureau. The average cost for these projects was $4,838, during this period. While these renovations have improved some homeowners’ living experiences, they haven’t made their houses more attractive to potential home buyers.
Rather, most homeowners who are considering home improvement projects in the future say that they want to make their homes more comfortable for themselves and their families. Only 20% of them said that they’re considering these projects to increase their home’s value.
However, if you are considering doing a home improvement project, make sure to think about how much your house will be worth in the long run and whether you’ll be able to sell it for what you’re investing in the project. It’s also important to consider safety issues.
Finally, if you’re looking to hire a contractor or other service provider for your project, be careful. While there is a large “grey market” of unlicensed, unregulated providers, many legitimate companies are members of trade associations and are accredited by professional organizations. Before hiring anyone, check their license and insurance coverage. It’s also a good idea to get quotes from multiple providers and compare them.