Home improvement is the process of modifying or upgrading one’s living space. It can include the addition of rooms or other structural changes, as well as repair and maintenance work. Improvements can also be made to garden areas, driveways and sidewalks.
It’s an industry that’s reached excellent growth results in recent years, particularly during the pandemic. But as the housing market continues to struggle, and rising labor costs are expected to affect the sector, JCHS predicts revenues will start to decline in 2024.
A variety of factors influence why people choose to make improvements to their homes, including personal preference and comfort, maintaining or increasing a property’s value for sale, and reducing energy costs. Some projects are simple, such as replacing worn doorknobs or painting a room. Others may be more involved, such as adding an extension or installing a conservatory.
Many homeowners upgrade their homes as a way to increase enjoyment while they’re living there. For example, adding a new kitchen backsplash, updating lighting fixtures or changing a bathroom layout can all add to the overall aesthetics of a room. Other popular options include choosing wood finishes and incorporating more plants to create a sense of zen, and improving the flow of natural light through a property.