Home improvement encompasses the sale of building materials, appliances and decor, as well as labor and services used to construct, repair and improve houses. This market has seen excellent growth in recent years, especially during the COVID-19 pandemic and is expected to continue to do so.
During the two-year period covered by the 2021 American Housing Survey, homeowners reported spending $624 billion on home improvements. That’s up more than double from about $300 billion in just a decade. What’s more, the number of projects that homeowners undertook rose as well.
Many projects homeowners plan to undertake are intended to make their homes more comfortable or appealing. Some are meant to boost a home’s resale value. However, most homeowners aren’t targeting potential home buyers when they decide to remodel or renovate their homes. In fact, only 20% of those who are planning renovations in the next two years say they want to make their homes more attractive to homebuyers.
When considering a project, it’s important to consider the impact of it on your budget. Plotting and visualizing the work that needs to be done can help keep costs down. It’s also a good idea to choose materials that are affordable and of high quality.
Another way to save on a project is to look for special financing options such as government loans. These often have a lower interest rate than other forms of credit and can pay for all or part of the cost of a home improvement project.