The home improvement industry includes the sale of building materials, appliances and decor to consumers who are improving their homes. It also includes contractors and other workers who provide installation services. Home improvement can be a rewarding experience, but it can also be a costly one if you don’t make careful decisions and hire reputable contractors.
A common home improvement project is adding an extra bedroom or bathroom to your house. This can greatly increase your living space and help accommodate growing families.
Depending on the size of your house, you can also add a garage, porch or deck to improve your living space. These projects can be expensive, but they will increase the value of your house and make it more livable.
Many homeowners use online content to find ideas and get advice on their home improvement projects. This can include websites that show how to do a DIY project, videos of professional contractors performing an actual job, and blogs by other homeowners who have completed a similar project.
The majority of homeowners who took on home improvement projects during the last two years paid for them with cash. However, 20% had to make sacrifices like cutting back on discretionary spending or selling items to fund their renovations. Some had to tap into or exhaust their emergency savings, and 12% borrowed against the equity in their home. Borrowing money comes with a cost: interest payments that can add up quickly.