Home improvement is a large industry encompassing the sale of building materials, appliances, decor and other products, as well as the contractors, tradespeople and others who help to install or repair them. This sector of the market experienced exceptional growth results in recent years, especially during the COVID-19 pandemic, with consumers focusing on renovation and DIY projects to update their homes and make them more comfortable.
While spending on home improvement has increased, it’s not as dramatic as it was during the pandemic, as many homeowners are now focusing on cheaper, do-it-yourself fixes instead of more expensive renovations. In fact, the nation’s two largest home improvement retailers this week both reported a slowdown in remodeling activity as consumers become more cautious and scale back on big-ticket projects.
But despite the pause in major projects, there are still plenty of opportunities for homeowners to get their hands dirty and upgrade their properties. And if you want to boost your home’s value before selling, it’s important to focus on projects with high returns on investment (ROI), which are those that provide a significant amount of the money you spend on them in the form of added value when you sell.
In the NerdWallet survey, more than 3 in 5 homeowners who have started, completed or plan to start a home project this year will focus on minor fixes, such as painting and landscaping. These projects don’t require as much time or money as a full-scale kitchen or bathroom remodel and can have just as dramatic of an impact on the look of your house.
