The Home Improvement Market

Home improvement is the market that consists of retailers who sell building materials, appliances, decor, and other products for renovating or improving homes. It also includes services such as installation and repair. The industry has seen excellent growth results in recent years, especially during the COVID-19 pandemic and is expected to continue its positive trajectory well into 2023.

Many homeowners pursue home improvement projects for a variety of reasons. Some are purely cosmetic (such as adding that koi pond and water feature they’ve always wanted) while others are geared toward increasing the value of their home. Regardless of the motivation, it is important to choose projects with return on investment in mind. Generally, few improvements recoup 100% of their costs but several high-quality upgrades can significantly boost resale values and help owners recoup the majority of their initial investments.

A successful renovation begins with a thorough evaluation of project goals, budget, and potential return on investment. Once homeowners have a firm grasp of these factors, they can make informed decisions about which projects to pursue and how best to fund them.

As with any large purchase, it’s imperative to be prepared for unforeseen expenses that can come up during the course of work. According to the 2021 American Housing Survey, 20% of those who completed home improvement projects in the past two years said they had to cut back on discretionary spending or sell items to pay for their project. Additionally, 14% had to tap into or exhaust their emergency savings and 8% borrowed money.

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