Home improvement involves the repair, renovation or improvement of a residential property. It includes the installation of new appliances, fixtures and furnishings and also the alteration or upgrade of existing structures like kitchens, bathrooms, flooring and roofing. Home improvement is a major industry that includes the sale of building materials, appliances and decors as well as construction services and labor. The sector has achieved excellent growth results in recent years.
According to a survey by Axiom, more than 90 percent of homeowners plan to perform home improvements in 2021. Many will hire contractors to do the work. Some will do the projects themselves. The areas most likely to be worked on are landscaping and yardwork, followed by adding a deck or patio. Other popular projects include installing a fence and renovating the bathroom and kitchen.
While most people do the work to improve their living conditions, some are also interested in increasing their property’s resale value. But a home renovation project must be carefully chosen. Some projects don’t pay off. For example, sparkling bathroom overhauls give a poor return on investment compared to other projects, according to a Cost vs. Value report by Real Estate Witch.
Homeowners should research the contractor before hiring them to do a job. This should involve checking for license, insurance and business references. In addition, the contract should contain an arbitration clause that is enforceable by law. It should also clearly state the deposit and payment terms.