Home improvement refers to the construction, repair, replacement, remodeling, alteration, conversion, rehabilitation, modernization, improvement or addition to a dwelling house, apartment, condominium unit, cooperative, or any structure on land which is part of or adjacent to a single family residence. Home improvements are generally considered a great way to increase the value of a home and make it more appealing to potential buyers. However, it is important to remember that a homeowner’s comfort and enjoyment of their home should be the main motivation for any renovation projects they undertake. Renovating purely for the purpose of adding resale value may result in a project that isn’t appropriate for the property or that does not appeal to most potential buyers.
During the pandemic, homeowners spent more than half a trillion dollars on home improvements. Many of these improvements were focused on fixing problems that couldn’t wait, such as a leaky roof or flooded basement. Ultimately, these projects helped keep the economy moving during the crisis and contributed to strong housing prices that made it easier for homeowners to afford home renovations.
As the recovery continues, many consumers are putting major home improvement projects on hold and focusing on lower-cost upgrades. A recent study from market data aggregator Circana found that kitchen and bathroom renovations are the most popular projects. For the most part, these low-cost upgrades are designed to make the home more functional and comfortable without breaking the bank. However, the aggregator’s study also showed that consumers are still wary about contractors and will do their homework to find trustworthy professionals before hiring anyone for any work on their homes.
