Home improvement is any activity that changes or enhances the appearance, function or value of a property. It includes everything from putting in a new roof to repaving a driveway.
The Home Remodeling Industry
Home remodeling is primed to surge this year, experts say. It’s an appealing way to improve a home while also lowering energy bills. Inflation is high, so many consumers are looking to save money.
Renovations that make homes more energy efficient are another big trend, says Tim Anderson, chief economist at the National Association of Home Builders. Rock-bottom interest rates are also helping to spur renovations.
Projects that involve exterior work are surging as well. In particular, building decks and installing fences are both up sharply, he adds.
The DIY Share of Home Improvement projects
Owners are doing a lot of their own home maintenance and improvement tasks during the pandemic, according to consumer surveys by The Farnsworth Group and the Home Improvement Research Institute. The survey found that about 60 percent of owners began a DIY project during the pandemic.
Home improvements don’t always add value
A home improvement project might increase the value of a property, but it doesn’t guarantee a return on investment (ROI). The ROI of a renovation depends on a number of factors, including its location and other similar homes in the neighborhood.
