Home improvement is the renovation, repair, and maintenance of one’s home. It includes building additions, but also improving the interior and exterior of an existing residence as well as installing new fixtures or appliances. The home improvement industry has had excellent growth results in recent years, particularly during the COVID-19 pandemic, and is expected to continue its positive trend into 2023.
There are many reasons to renovate one’s home, ranging from personal preference and comfort, to making the house more energy efficient or adding functionality by building an addition. However, a lot of homeowners renovate in order to increase the value of their homes. This is especially important in areas where real estate prices are high.
Whether or not renovations add to the value of your property will depend on many factors, including location and timing. Structural improvements, like adding an extension or finishing raw space, tend to have the biggest impact on property values. Technological improvements, such as upgrading a heating, ventilation and air conditioning system (HVAC), are less likely to add significant value.
Regardless of why you’re renovating, it’s critical to stay within your budget. Make sure you compare multiple contractors before making your decision. In general, you should look at price, but also consider the contractor’s experience, reputation and ability to complete projects on time and without any issues. Always get written estimates and contract details before starting any work. This will prevent you from paying too much or receiving poor quality work.