Home improvement, also known as home renovation or remodeling, is the process of upgrading one’s home through repairs and maintenance. These projects can include changing room decor, rewiring electrical systems, replacing windows and doors, renovating the bathroom or kitchen, adding or removing rooms, and making the home more energy efficient. The purpose of home improvement is to make the home more comfortable, safer and appealing for those living there. Home improvements can also add to the overall value of the property.
The home improvement industry has reached excellent growth results in recent years and even during the COVID-19 pandemic, but inflation and a potential recession could impact how much homeowners take on moving forward. Regardless, many consumers remain committed to investing in their homes and will continue spending money on upgrades, despite some slowing of momentum.
According to a NerdWallet study, most homeowners plan to undertake some type of home improvement project in the next two years. But the number of Americans who say they can easily pay for their planned projects without tapping into savings or going into debt has dropped from 52% to 42%.
Emmanuel Forge, a traveling contractor who shares DIY home-renovation advice on TikTok and Instagram under the brand Remodel School, says that people are often surprised by how expensive certain projects can be. For example, a tub-to-shower conversion can cost 20 to 30 grand. That’s why he recommends that homeowners do the math before taking on big renovations.
