Increasingly, homeowners are looking to improve their homes. The home improvement industry is estimated to generate more than $500 billion in revenue by 2024. These projects include do-it-yourself work, professional remodels, and exterior and interior improvements.
A recent survey conducted by Axiom, a Minneapolis marketing firm, asked consumers about their plans for home improvement in 2021. It found that, among all age groups, Millennials were planning to do the most work.
The survey also found that a majority of respondents plan to use a professional for at least part of their projects. But, the majority of home owners still plan to do some work on their own.
While many homeowners are moving forward with their home improvements, inflation is taking a toll on their finances. The average cost of a home improvement project increased at an annual rate of four percent in the last year, and the price of materials has increased 400 percent since the peak of the recession.
According to the Axiom survey, nearly one in five homeowners are not currently planning any home improvements. Nevertheless, a significant number of people are planning to start their projects in the first two months of the new year.
While a large percentage of respondents reported that they were doing their own home improvement projects, some said that they planned to hire professionals for more complex projects.
As a homeowner, you have the right to choose the contractors you work with. But, you should make sure that they have the appropriate licenses and insurances. You should also ask for references from other customers.