Home Improvement – Adding Value to Your Home

Home improvement

Home improvement is an industry that encompasses the sale of building materials, appliances and decor as well as contractors and tradespeople who build, install, modify or upgrade homes. Home improvements are often projects that add value to the home, such as a new kitchen or bathroom or a deck. They also include projects that make the home more efficient, such as energy-saving windows and improved insulation.

Americans have developed a renewed interest in home improvement, even during the pandemic, with nearly 3 in 5 homeowners reporting having done a project to their house over the past two years, according to an August survey from NerdWallet. The most popular projects involve work on the exterior of the home, including landscaping and adding a deck or fence. Other projects are less costly but still add value, such as painting or re-grouting tile.

Some of the most significant challenges for the home improvement industry will likely be related to stalled housing sales and mortgage refinancing, as well as continuing labor and supply chain issues. JCHS expects that home improvement spending will peak this year and start declining in 2023.

A new master suite or a kitchen renovation may increase the value of your home, but it’s important to think about how these changes will benefit you and your family. Adding features that don’t improve your quality of life or add to the home’s overall aesthetic could actually detract from its value and cost you money when it comes time to sell. Also, consider working with a real estate professional to plan the most effective upgrades for your home.

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