Home improvement, also known as home renovation or remodeling, involves improving the interior and/or exterior of a house. These projects can be done for a variety of reasons, including increasing a home’s value, making it more livable, or simply updating the look and feel. Home improvement can be a daunting task, and may require the help of a professional.
Some of the most popular home improvement projects include kitchen remodels, bathroom renovations, adding a new room, and installing new windows. Homeowners can find many DIY (do-it-yourself) home improvement projects, but it’s important to hire a licensed and insured contractor for any major work. Homeowners should ask potential contractors for a copy of their license and insurance, as well as check their business references.
The home improvement industry has experienced a resurgence since the pandemic, with homeowners spending more on upgrades than in previous years. According to the Joint Center for Housing Studies of Harvard University (JCHS), however, the peak for home improvement is expected to be reached in 2022 and will begin to decline in 2024.
A variety of factors can influence the cost and time it takes to complete a home improvement project. It is crucial to make sure that any work you plan to do is actually necessary and will improve the value of your home. Improvements that don’t add value, like patching a hole or replacing a broken doorknob, don’t qualify for tax credits. In addition, any work you do must be able to be completed in a reasonable amount of time and within a budget that is manageable.