Home improvement is a popular pastime that can add value to your home and improve its functionality. However, not all renovations will be worth the money. Some projects can even cost you more than they add to your house’s resale value, according to a recent report by the Contractor Growth Network. Regardless, homeowners tend to spend money on improvements they find appealing.
The popularity of DIY projects and a resurgence in interest in traditional craftsmanship have made home improvement more prevalent. In addition, rock-bottom interest rates have made borrowing for these projects more attractive. Home improvement spending also spiked in 2017 as baby boomers sank their cash into projects to make their homes more comfortable. The categories that are surging the most in 2018 have to do with work outside the home, including putting up decks and fences and hiring landscapers.
In the 1970s, a wave of television shows like Bob Vila’s This Old House helped to fuel a fascination with old-looking homes. Manufacturers responded by marketing cheap imitation molding, columns, and other Victorian-style elements that could be used to historicize suburban homes.
It’s important to do your research when choosing a home improvement contractor. Contractors vary in price, experience, reputation, and other qualities. Ask friends, neighbors, and coworkers who they used for their home improvement projects and how satisfied they were with the job. Before selecting a contractor, compare prices and be sure to get all fees in writing. A reputable contractor should not ask for more than 1/3 of the contract price as a deposit.