Home improvement is any type of work done to upgrade, repair, remodel, or refinish a residential property. This can include anything from replacing flooring, painting rooms, building a deck, or adding landscaping to a yard. Whether your home is in need of a major facelift or simply requires some maintenance, it’s important to have a plan for the work you intend to do. This way, you can ensure the project is completed in a timely manner and at an appropriate cost.
There was a boom in home improvement projects early in the pandemic, but that trend has now cooled off. According to Harvard University’s latest Leading Indicator of Remodeling Activity, or LIRA, remodeling spending is expected to decline for the rest of 2024. This is likely due to a reduction in housing sales, which will lead to less remodeling activity as homeowners aren’t moving into new homes.
While many homeowners are still interested in improving their homes, it’s important to focus on projects that will increase the value of your home. You should also consider the comfort level of your living space and choose upgrades that will meet your specific needs. For example, you may want to convert a spare bedroom into an office or install a wood-burning fireplace. Taking these factors into consideration, you can be confident that any renovations will make your house more comfortable while increasing its value. Regardless of the type of improvements you’re planning, it is recommended that you hire only licensed contractors. Additionally, you should read online reviews and check for any violations or complaints against a contractor before hiring them. It’s also helpful to draft a comprehensive contract that specifies timelines, payment schedules and any other details of the work you’re having done.