Home improvement refers to renovation work on a house or the land surrounding it. It is a popular activity that adds value and functionality to homes.
Home remodeling projects are often prompted by personal needs and desires, such as the desire for more storage space or an updated kitchen. In addition, many homeowners wish to increase the resale value of their home. However, some home improvements do not provide a return on investment and may even decrease a property’s value.
It is important to do your research and choose quality contractors for any home improvement project. A licensed contractor will have the knowledge and experience to ensure that your project is completed properly and in accordance with local building codes. A licensed contractor will also be able to provide you with valuable advice and suggestions that can save you time and money.
A License is Required
In most states, it is a misdemeanor to engage in home improvement without a license. Homeowners who do not use a licensed contractor can be subject to fines and imprisonment.
In 2017, homeowner remodeling spending hit a high of more than $233 billion. This spending was largely driven by the 55-and-over population, who were the most likely homeowners to undertake projects. Spending trends are expected to decline in 2023 due to a number of factors, including stalled home sales and mortgage refinancing. This will most likely lead to an overall decrease in spending and revenue for the industry.