Home improvement is any activity that changes the appearance or functionality of a house. In addition to the obvious projects such as kitchen or bathroom remodels, home improvement can also include adding a deck, installing windows or doors, or even painting your house. Home improvement can be an expensive project but it is one that is often very worthwhile.
A lot of people are interested in doing home improvements to make their homes look nicer. Some people may also want to add something that will make their home more comfortable to live in. However, there are some projects that do not add much value to the property. These projects might be too personalized or they might go beyond the taste of the average buyer in your neighborhood.
According to the American Housing Survey, homeowners spent $522 billion on home improvement projects in 2019. This is a large increase from the previous two years. However, the NAR’s 2022 Remodeling Impact Report shows that the COVID-19 pandemic was not the only factor behind this rise.
Many homeowners decided to renovate their homes during the pandemic because of a desire for a more modern home. This was also helped by the popularity of television home improvement shows. Some of the most popular shows were Bob Vila’s This Old House and DIY Network’s Fix It Like You Own It.
Other factors that contributed to the growth of the home improvement industry include rock-bottom interest rates and a growing population of aging homeowners who are financially equipped for home renovations. In fact, homeowners aged 55 and over are responsible for a significant portion of the overall home improvement spending.