Home improvement is an industry that encompasses the sales of building materials, appliances, decor, and services such as renovation and remodeling. It’s a large and vital segment of the economy, reaching high growth results during the COVID-19 pandemic.
Many homeowners cite increasing happiness with their homes as their main motivation for upgrading during the pandemic, and 73% plan to continue renovations even after the epidemic ends. But it’s important to remember that not all home improvements increase a property’s value. In fact, some projects can actually decrease a house’s value.
Considering the fact that most people don’t have an endless well of cash to spend on home improvements, it’s crucial for them to prioritize their renovations and pick projects that will provide the best return on investment. That’s why it’s critical for homeowners to research potential contractors and compare their proposals before choosing a contractor.
Some of the most popular home improvement projects include refreshing shower areas, replacing vanities and toilets, laying new tile, adding fixtures and lighting, and painting. These are all good ways to boost a home’s appearance. However, if you’re renovating for resale purposes, talk to a real estate agent about the kinds of home upgrades that tend to interest buyers in your area.
In addition, it’s a good idea to keep in mind that home buyers usually have a specific budget they prefer to work with. For example, if you’re planning to sell your home within the next few years, installing a luxury bathroom may not be worth it since it will probably be more expensive than other local homes in the neighborhood. For the most optimal return on your investment, focus on projects that target the needs of prospective home buyers.