Home improvement refers to any construction, alteration, modification, addition, repair, or replacement of the existing features and structures of residential or noncommercial property. This includes but is not limited to:
Homeowners are renovating in record numbers, and many are finding great satisfaction with their upgraded spaces. In fact, the 2021 Remodeling Impact Report found that more than half of homeowners experienced increased levels of happiness with their homes after remodeling projects.
The reasons for this renewed interest in home improvements are many. Low interest rates are making it more affordable to borrow money for renovations, rock-bottom prices make homebuying a less attractive investment, and aging baby boomers are financially equipped and interested in improving their current living space.
Experts predict that spending on home improvements will continue to increase through 2023, with a focus on repairs and updates that enhance the look of the house and reduce energy bills. This is especially important during times of high inflation when dollar amounts are stretched thinner.
According to Houzz, renovations that improve a home’s energy efficiency are expected to surge in popularity in 2023. These upgrades offer a dual benefit – they save homeowners money on their energy and utility bills while also adding value to the home.
When hiring contractors for a project, it’s important to verify that they are licensed, insured, and have business references. This will protect you in the event that a worker is injured on your property and does not have insurance coverage.