Home improvement refers to the renovation and repair of a residence to enhance its function, aesthetics, and comfort. This industry encompasses the sale of materials, appliances and decor, as well as the services of contractors, tradespeople and others who help with renovations. It has achieved excellent growth results in recent years, and is poised to continue growing as consumers look for ways to make their homes more comfortable and functional.
The home improvement industry is expected to reach a high level of revenues in 2023. Increasing inflation and rising interest rates are likely to drive up home improvement project costs, making some projects less affordable than before. This will likely slow the pace of projects, but it should not deter homeowners from undertaking needed maintenance.
It is important to carefully consider new improvements, ensuring that they will not decrease your home’s value. You should consult with remodeling professionals and research design trends to learn what renovations will have the best resale potential.
For example, a built-in theater may be appealing to you, but it could be a big turn off for future buyers. Likewise, over-personalization can cause a loss in value.
It is also a good idea to prioritize your projects. A new roof, insulation or HVAC should be considered before adding a new bathroom vanity. Similarly, don’t spend your money on landscaping if your house is in need of repair. Instead, focus on cosmetic upgrades, such as repainting cabinets and adding accent walls.
