The home improvement industry includes the sale of building materials and appliances for renovations, as well as contractors, tradespeople, and other workers who help homeowners or renters improve their homes. It also covers services like landscaping, cleaning, and home repairs. Home improvements can boost a house’s value, or simply improve the livability and comfort.
The coronavirus pandemic led to a surge in home improvement projects, with more than 3 in 5 Americans taking on renovations since March 1. But homeowners are often wary of hiring professionals for these tasks due to safety concerns. In fact, more than half of those who took on home repair or improvement projects in September told NerdWallet they wouldn’t let professionals in their home due to coronavirus concerns.
When it comes to renovating, many people prioritize the return they’ll get on their investment when they sell or move. However, homeowners should remember that the most important returns on renovations come from their own comfort and enjoyment of their home. It’s also wise to consider how a project may impact neighboring houses, as that will influence the percentage increase in your house’s value when you sell.
The ROI on many home improvement projects is less than 100%, but that doesn’t mean they aren’t worth doing. Some projects, such as repairing gutters and cleaning out drains, can have a high ROI at a low cost. Other projects, such as updating a kitchen or bathroom, can be very expensive, but they’ll also add value to the home.