Home improvement is a popular hobby and it’s also a way to add value to your home. However, there are many factors that need to be taken into account before you start any home improvement projects. The first thing you should do is figure out how much your project will cost. This includes labor, materials and any permits you may need. You can do this by getting estimates from several contractors. Then you can decide whether or not to proceed with your project.

In the past two years, Americans have spent nearly $624 billion on home improvements, according to the American Housing Survey from 2021. That’s more than double the amount in a decade. The most common reasons for doing so include upgrading worn surfaces, adding features and improving livability. Other common motivations were to save energy or simply feeling happier in their homes.

Some of the biggest gains have been outside the house, where categories like deck construction and fence construction have surged by as much as 275%. That’s likely due to rock-bottom interest rates and the desire to enjoy outdoor living.

Many homeowners are also able to tap into savings or take out personal loans to cover the costs of their renovations. This allows them to avoid the hassle of paying for these projects over time and racking up high-interest charges on credit cards or loans. Whatever method you choose, it’s important to establish a budget and stick to it. It’s also important to have a written contract in place with any contractor you hire for the work. This will help protect you from any unforeseen surprises or overruns.