Home improvement is a broad term that refers to renovation, remodeling, upgrading or any other action that improves the structure and/or function of a home. The industry encompasses the sale of building materials, appliances, decor and furniture as well as contractors, tradespeople and others who assist with construction, installation or repair projects. It also includes work performed on the interior or exterior of a home, such as landscaping, painting, roofing or bricklaying.
Many homeowners consider remodeling their home to increase its value. However, not all projects deliver a great return on investment. For example, sparkling bathroom overhauls typically yield the lowest ROI values, while big-ticket kitchen and basement renovations tend to have a higher return rate. It’s important to keep in mind that renovations should be driven by the need for functionality, comfort and safety rather than simply increasing a home’s resale value.
In the wake of the COVID-19 pandemic, homeowner interest in home improvement remains strong. In fact, according to a recent survey from Axiom, 56 percent of respondents plan on hiring professionals for at least some of their planned 2021 projects. Yard and landscape work was the most popular choice, followed by working on decks or patios (which are popular at-home entertainment areas).
The type of contractor you hire will have a major impact on the cost of your project. The best way to find the right contractor for your home improvement is to get estimates from several different firms and compare all of their factors, including price, quality, experience and reputation. It’s also a good idea to avoid any firm that uses unmarked vehicles or doesn’t have its name, address and MHIC license number preprinted on its contracts and invoices.