Home improvement is the remodeling, renovation, repair, or replacement of parts and systems in a residential or noncommercial dwelling. It also includes the removal and reinstallation of wall coverings, flooring, windows and doors, and the installation of appliances, heating and cooling equipment, and plumbing and electrical fixtures.
The home improvement industry continues to thrive despite the pandemic, with 3 in 5 homeowners completing projects during the first quarter of 2023. These improvements are a key driver for companies like Home Depot, which saw revenue rise by more than 15%.
If you’re considering a home project, be sure to factor in the ROI (return on investment), or how much value the renovation will add to your home. Generally, the higher the ROI, the better the project will be for you.
While it’s important to consider ROI, your own comfort and enjoyment should also be weighed. If you spend money on a home improvement that won’t make your house more livable, you could end up living in a showplace that doesn’t feel like a home.
Also remember that it’s important to carefully choose contractors for your home improvement projects. Using a contractor that is licensed and insured can help you avoid scams and other problems. If you’re unsure whether a contractor is legitimate, you can check their credentials with the state licensing agency and review customer reviews on online rating sites. You can also look for an aggregator company that bundles services offers and acts as an intermediary between service providers and homeowners.