Home improvement is an industry that encompasses a wide variety of consumer and commercial activities associated with improving the value and maintaining a property. It includes the sale of building materials, furnishings and appliances, and the provision of services by contractors and tradespeople. Home improvement projects can include anything from painting, refinishing woodwork, installing kitchen cabinets and countertops, adding carpet or hardwood floors, renovating bathrooms, building decks and patios, installing fences, and replacing roofs.
The home improvement market has experienced excellent growth results in recent years, especially during the COVID-19 pandemic when homeowners increased their spending on renovations and DIY projects. This industry also benefits from low interest rates and a large population of older homeowners who are financially equipped to pay for renovations.
Although the overall economy has slowed, demand for home remodeling is expected to remain strong in 2020 and 2021. However, the JCHS predicts that spending will decrease in 2024 due to continuing housing market issues and rising labor costs.
When hiring a home improvement contractor, it is important to find one with experience and good references. Also, it is recommended to avoid contractors that ask for payment in a form that is difficult to trace or recover, such as cash, prepaid debit cards, or online payment apps.
There are many options available for financing a home improvement project, including personal loans, credit card rewards programs, and home equity lines of credit. It is best to shop around and compare loan offers before choosing one. It is also a good idea to pre-qualify with multiple lenders to receive estimates of rates and terms, without having to provide a full credit application.