Home improvement includes any construction or remodeling project that enhances a residential house or property. This industry also encompasses the sale of building materials, appliances and decor. In terms of revenue, it reached excellent growth results in recent years, especially during the COVID-19 pandemic, when homeowners were staying at home more and spent money to fix up their living spaces.
However, not all home improvement projects are created equal. According to research conducted by Houzz and Home, the return on investment on home renovations can vary from more than 100% to just 20% or less. That’s why it is important for homeowners to plan their projects carefully and choose the right upgrades based on what will increase value in the long term.
Often, the best upgrade is the one that makes your life easier or more enjoyable. That could mean replacing worn windows, ripping up the carpet or adding a deck to your backyard. However, don’t ignore the more essential home improvements such as fixing a leaky roof or replacing a janky HVAC system. Those are the ones that will help you save money on your monthly utility bills and keep your home in top condition for years to come.
When choosing a contractor for your home improvement project, it is vital to look for someone with the proper qualifications and experience. Check for references, insurance coverage and a good track record of working with customers. If you don’t have the cash on hand to pay for your renovation, consider getting a personal loan with a lower interest rate. You can also use a home equity line of credit (HELOC), which allows you to borrow against the equity in your home.