Home improvement, also known as house renovation, can be an effective way to increase the value of a home. It can be as simple as painting or re-grouting tile, as complex as adding a deck, or as expensive as adding an extra bedroom. The most important thing is to choose the right project and budget for your needs.
The industry is composed of firms that produce and sell building materials, appliances, and decor for homes and gardens, as well as contractors, tradespeople, and others who help with building, installing, or enhancing homes. It has experienced robust growth in recent years, especially during the COVID-19 pandemic and subsequent lockdown. This was driven by a desire to improve living conditions and the perception that homes are a good investment.
There is a large ‘grey market’ of unlicensed firms that offer home improvement services, however, most companies are members of professional associations and are accredited by the Better Business Bureau. It is recommended that homeowners perform due diligence before hiring a contractor, including verifying licensing and insurance, and checking customer reviews and references.
The most common house improvements include adding an extra bedroom or bathroom, kitchen remodels, and roof replacement. Exterior paint and landscaping are also popular. Other improvements include replacing windows, putting in a heat pump or adding insulation, which can save energy costs and pay for themselves over time. Increasing the size of a home, such as adding a basement or garage, is another good investment.