Home improvement refers to the repair, maintenance and restoration of residential real property. This includes painting, resurfacing of driveways, installations, gazebos and decks, etc. It can also include landscaping and adding fences and gardens. Home improvements are often considered as a way to increase the value of a home. According to the National Association of Realtors (NAR), a typical homeowner spends about $3,890 on home improvements each year. Nevertheless, not all home improvement projects are created equal. Some will not add to the overall value of a home and may even detract from it.
In general, most renovations and upgrades do not produce an ROI (return on investment) that will offset the costs associated with the project. However, some projects have higher resale values than others. It is important to research the cost and potential resale value of a project before embarking on it.
The popularity of DIY (do-it-yourself) projects and popular television home improvement shows such as Bob Vila’s This Old House contributed to the expansion of the industry. The emergence of these programs blurred the distinction between the traditionally male dominated realm of carpentry and construction work and the largely feminine sphere of interior design and decorating. As a result, women began taking part in home improvement activities in greater numbers.
While many homeowners have plans to make upgrades, some are struggling to get started. During 2021, the top reasons why projects were put on hold included costs (52%), availability of materials (40%), disruption of home life (32%), and challenges with pro availability (27%).
If you are a homeowner looking to complete a project, be sure to consider the resale value. It is a good idea to consult with an experienced real estate agent who can help you determine the best projects to undertake and which ones are most likely to add to your resale value.
A number of home improvement projects are simple and inexpensive, and can be completed in a day or less. For example, changing kitchen or bathroom hardware can make a big impact without breaking the bank. When shopping for new knobs, it is a good idea to bring an old one with you to ensure the replacements will be a proper fit.
Before hiring a contractor, make sure to establish a timeline and payment schedule for the project. Moreover, a contract should specify as much detail as possible, including the specific materials to be used. Additionally, a professional should be insured and licensed for the type of work they are doing. They should also pass a background check and be screened for serious criminal convictions. This is a great way to avoid being scammed by unscrupulous contractors. In addition, a contractor should provide you with a written warranty after completion of the work. If they do not, you should contact your local building department. It is also a good idea to check references before hiring someone for a job. This can prevent you from being stuck with a sub-par project.