Home improvement is a business that encompasses the sale of building materials, appliances, decor, and services performed by contractors or tradespeople to modify or upgrade homes. This industry has enjoyed excellent growth results in recent years, especially during the COVID-19 pandemic when many people focused on making their homes more comfortable and functional.
In the first quarter of 2022, home improvement spending reached a record high level. This surge was driven by middle-income households focusing on moderately priced projects that were easy to do themselves. Despite the ongoing reduction in household moves and rising interest rates, this trend is expected to continue into 2024.
Renovating your home is a great way to add value and increase the chances of selling it down the road, but it’s important to consider your own comfort and the needs of your family before taking on any expensive renovations. For example, if you’re planning to renovate your kitchen, don’t opt for an overly expensive design that will put off potential buyers. Instead, focus on improvements that will appeal to the majority of people and give you a good return on your investment.
One of the most popular home improvements is adding a master suite to the house, which typically includes a bathroom, walk-in closet and a dressing room. However, before you start planning a major remodel, consult a real estate agent to ensure your project is worth the money. They can help you determine what will add the most value to your home and advise you of any changes that could decrease its resale value.