The Home Improvement Boom Has Ended, But Homeowners Are Still Upgrading

Home improvement

Home improvement is an industry that encompasses a wide range of projects, from repairing or replacing old appliances and fixtures to adding new rooms. It includes a variety of tasks that can be performed by homeowners themselves or by a hired contractor. A well-planned and executed home improvement project can add value and enjoyment to a property while also providing peace of mind that the home is safe and sound.

While the frenzied renovation boom of 2022 and the COVID-19 pandemic has eased, householders are still upgrading their homes. The nation’s two largest home improvement retailers report that shoppers are hitting pause on bigger, pricier projects, and instead opting for cheaper DIY (do-it-yourself) fixes.

However, homeowners still want to make their houses into their own, and many have plans for the future, such as converting an extra bedroom into a home office or adding a deck. Others may wish to sell the house in the near term and make improvements to maximize its resale value.

Regardless of the motivation, it’s important for homeowners to do their research before undertaking any major project. Ideally, they should have a plan for how the work will be financed and have an idea of the cost upfront. In addition, they should consider the impact of interest rates and monthly payments on their budget. Most importantly, they should hire a professional if they have the knowledge and experience to do so. Otherwise, they risk hurting themselves or their property and possibly ending up spending even more money to fix or repair a mistake.