Home improvement is a multi-billion dollar industry that includes the sale of building materials, appliances, decor, and other items for the inside and outside of homes as well as the services provided by contractors and tradespeople to install, repair or modify them. The industry has achieved excellent growth results in recent years, especially during the COVID-19 pandemic when homeowners turned to DIY projects and other forms of self-renovation.
The industry has been boosted by a number of factors, including rising housing prices that allow homeowners to tap into their equity; aging baby boomers who are renovating to better accommodate their changing lifestyles; and rock-bottom interest rates that make borrowing money for home improvements more attractive. Anderson says that the categories that are surging most right now have to do with work done outdoors, such as landscaping or putting up fences.
Before hiring anyone to do a home improvement job, get all promises in writing. Maryland law requires that all contracts for home improvement include the contractor’s name, address, and MHIC license number. It also should list the approximate dates when the work will begin and when it will be substantially completed.
Some home improvement projects are a sure bet for adding resale value, such as kitchen and bathroom remodels or installing a new front door. Other projects, however, may not add much more than what you invest in them. To avoid wasting your money on renovations that won’t pay off, do some research on what buyers are looking for in your area.