Home improvement is the process of upgrading or repairing your own home. This can be done by yourself or with the help of a professional contractor. Home improvement projects can improve the aesthetics of your house and make it safer and more comfortable for you and your family to live in. It can also increase the value of your home and give you a tax break if it is done correctly.
The home improvement frenzy got hotter early on in the pandemic, as homeowners invested to make their homes better suited for remote work and learning. But the pace appears to be slowing. According to Harvard University’s Joint Center for Housing Studies, homeowner spending on remodeling is expected to decline in 2024.
Amid rising prices and uncertain economic conditions, many homeowners are holding off on major home improvements or deferring them until the economy turns around. But a new NerdWallet survey suggests they are still eager to upgrade their living space, with most planning small projects like painting or updating light fixtures. Some are also considering a primary suite remodel, which could boost resale appeal.
However, it’s important to prioritize projects that will add both long-term and resale value to your home. In addition to ensuring that your project is completed on time and within budget, it’s critical to find contractors with a solid track record. Before hiring someone, check their license and insurance coverage and ask for references. It’s also a good idea to sign a contract that includes a payment schedule and details for all work to be performed.