Investing in your home can provide a sense of comfort, especially in unsettling times. There’s also the added benefit of an increase in your home’s value. However, before you start, make sure you’re using a licensed contractor. If you’re not sure, check with your local building codes office.
The market for home improvement is a very competitive one, and competition is growing as a result of the entrance of private labels into the market. These companies compete on price, product portfolio, and differentiation.
The home improvement industry has become a multibillion-dollar industry, with annual revenue rising to over $400 billion. The business is expected to reach $510 billion by 2024.
Home improvements include all sorts of remodeling projects, from small fixes to major overhauls. Some of the more popular categories include exterior work, such as siding and windows, and landscaping. Others include interior renovations, such as bathrooms and kitchens.
Many home owners plan to hire a professional for some or all of their projects. In addition, more than half of survey respondents plan to do at least some of the work themselves. This may make it a good idea to compare the prices of different contractors before making a final decision.
Another way to ensure you’re using a licensed contractor is to ask for references. It’s also a good idea to verify a contractor’s insurance. Some states, such as New York, require homeowners to obtain a license before hiring a contractor.