Home improvement refers to the renovation and repair of a house or property. The improvement may be made to enhance its aesthetic appeal, increase comfort, or adapt it for use as a business or rental property. Home improvement projects can be very costly, and it is important for homeowners to research what projects will bring the highest return on investment when considering them.
A recent survey found that most homeowners plan to spend an average of $7,746, on remodeling their homes over the next two years. That’s an all-time high, according to the Joint Center for Housing Studies of America (JCHS). However, many experts believe that remodeling expenditures will begin to decrease by 2024 due to economic factors.
One reason is that fewer people are planning major remodeling projects. Early in the pandemic, there was a boom in kitchen and bath renovations, but as consumers tightened their budgets, these projects slowed down. Last week, Lowe’s and Home Depot reported that their customers are buying fewer new kitchens, for example, and are choosing cheaper DIY options like tub-to-shower conversions or security systems.
Another reason is that many home owners are focusing on making their homes more comfortable and enjoyable. The survey also showed that most of these homeowners weren’t planning to improve their houses to appeal to prospective buyers, but rather to make the residences more livable and satisfying for themselves and their families. Homeowners also tend to be cautious about the amount of money they will invest in their projects, with most claiming they will limit spending to what they can afford.