Home improvement is a vast industry that encompasses the sale of building materials, appliances and decor along with contractors, tradespeople and other workers who assist with renovation or home-enhancing projects. In recent years, this market has reached excellent growth results, particularly during the COVID-19 pandemic, as homeowners focused on home improvement projects to make their living spaces more comfortable and functional.
While major home renovation projects dropped during the pandemic, do-it-yourself (DIY) improvements saw a spike in popularity. With consumers confined to their homes during the pandemic, they looked to create better entertainment and work-from-home spaces with simple DIY upgrades.
However, it’s important to remember that the return on investment for home improvement projects can vary greatly. While the highest ROI projects increase a home’s value, many lower-cost upgrades also provide a solid return on investment, such as replacing worn doorknobs, adding curb appeal with planters and painting the front door.
It’s also important to remember that a homeowner should consider their own needs and wants before undertaking any home improvement project, as well as the potential return on investment when selling the property. The most important thing is to choose projects that improve the enjoyment and functionality of a home, rather than simply making it look nicer. Trying to upgrade your home beyond what’s comparable in the neighborhood may backfire by scaring off buyers or driving up the cost of a property above the local market. This can lead to a lack of interest in the property, and even result in a short-term loss of money.