Home improvement includes the repairing, remodeling, altering, renovating, restoring, modernizing, adding to, or upgrading of residential buildings. This industry also includes the sale of building materials, equipment, and decor for such work. It also encompasses the construction, installation, and maintenance of swimming pools, hot tubs, garden and other outdoor structures.
After the pandemic, many homeowners have been busy on home improvement projects, and the trend is expected to continue in 2021. A recent survey by Axiom found that 56 percent of respondents are planning some kind of DIY project. Those looking for help with more complex jobs are likely to turn to contractors.
Some projects are designed to add value to the home when it comes time to sell. Others are aimed at improving comfort and convenience. Still others, such as energy-saving projects like new windows and insulation, can pay for themselves over time through lower utility bills.
Whatever the reason, it’s important for homeowners to think through their renovation goals carefully before starting any work. If you’re doing it solely to increase your home’s resale value, make sure the improvements you choose are ones that will appeal to the widest possible range of buyers. Also, be sure to budget for unexpected expenses, such as a leaky roof or electrical problems. Finally, don’t forget about financing options. For those without a lot of equity built up in their homes, personal loans with competitive rates might be the best solution.