Home improvement is the practice of renovating and maintaining a home. The goal is to make a home more comfortable and functional for its inhabitants, while increasing its market value. This is done through a wide range of projects including remodeling bathrooms, kitchens, basements and more. Many homeowners undertake these projects hoping to get their money’s worth when it comes time to sell the house. However, this is often not the case, and some home improvements can even decrease a home’s value.
While it’s easy to see why home improvement is so popular, it’s important to be aware of the pitfalls. Unless you’re a skilled DIYer, it’s best to hire a professional the first time around. This will help to ensure that the project is completed properly and doesn’t cause any major issues down the line. Additionally, it’s important to keep in mind that while DIY projects may save you some cash up front, they’ll likely end up costing you more in the long run.
In the past, some of the most popular home improvement projects were sparkling bathroom overhauls and big-ticket kitchen and basement renovations. While these projects can improve the aesthetic of a house, they rarely offer a significant return on investment. In fact, homeowners are only getting about a 60% return on their investment for these types of projects, according to a recent study by Contractor Growth Network.
With the coronavirus pandemic underway, more homeowners have been hesitant to allow contractors into their homes for home repairs or improvements. However, it seems as though that trend is beginning to reverse, with more than half of respondents reporting that they’d be open to having contractors in their houses if they were reassured that the contractors were taking safety precautions.