Home improvement is the repair, maintenance or restoration of residential real property. It includes work to be done on a single-family dwelling, as well as on multifamily buildings such as condominiums and townhouses. The term also refers to improvements made on a person’s land, such as planting trees or building a fence.
The home improvement industry reached excellent growth results in recent years, especially during the COVID-19 pandemic, when homeowners focused on improving their houses. This market encompasses a range of activities, from the sale of building materials and appliances to the services of contractors, tradespeople and designers.
Whether you’re planning to sell or keep your home for the long haul, some renovations are a smart financial move. Others, however, may not deliver on their promise of higher resale value.
For example, sparkling bathrooms and basement remodels tend to deliver the best return on investment, according to Contractor Growth Network. On the other hand, installing low carbon heating solutions like ground source heat pumps won’t necessarily boost your resale value as much as an updated kitchen or new bathroom.
Before you start any project, it’s important to determine your budget and make sure that your home improvement loan or finance is approved. Once you’ve hired a contractor, ensure that the contract specifies a timeline for the work to be completed and payment schedule. On larger projects, it should also include specifics such as the type and brand of materials. It’s also a good idea to give yourself some wiggle room, as unexpected costs can add up quickly.