Home improvement includes the repairing, remodeling, renovating, altering, converting or modernizing of any part or all of a residential or non-commercial property. It also includes the installation of insulation, paving, building structures, fences and porches.
The Home improvement industry is expected to reach excellent growth results in 2024. This sector experienced an especially great boom during the COVID-19 pandemic, when DIY renovations soared as homeowners were confined to their homes and sought ways to make them more enjoyable.
Investing in a new kitchen or bathroom can boost your home’s value, but be careful which upgrades you choose. Expensive materials may appeal to you, but they’ll scare off many potential buyers. Stick to midrange upgrades that have a track record of adding value, such as replacing old appliances, refreshing shower areas or fitting new vanities and toilets.
If you’re considering a major home improvement project, talk to your real estate professional about the potential return on investment. Be sure to discuss any changes you’re planning with your contractor and get a detailed contract that includes a timeline, payment schedule and as much specific information as possible about the work to be performed, including types or brands of materials to be used.
If you are not familiar with home improvement contractors, ask friends and neighbors for recommendations. Check their licenses, insurance and references. Be wary of contractors who solicit unsolicited or low-bid jobs, as they are more likely to overcharge and be less reliable.