Home improvement is the repairing, renovating or modernizing of a home. It also includes the construction of new structures such as additions or garages. Home improvements can make a house more comfortable and attractive, or increase its energy efficiency. Some improvements may also be made for safety or to comply with local building codes. Regardless of the reason, it is important to plan carefully before starting any home improvement project. The type and scope of the work will influence its cost and impact on your daily life. It is also important to select a contractor with experience and a good reputation.
The home improvement industry has enjoyed excellent growth results in recent years, especially during the COVID-19 pandemic. However, revenue is expected to decline in 2024 due to stalled home sales and mortgage refinancing. In addition, rising labor and supply chain costs are expected to affect future revenue performance.
Most of the projects that homeowners plan to undertake in the next two years aren’t targeted at increasing their home’s resale value. Instead, they’re focusing on making the home more comfortable and enjoyable for their family members. However, many of these projects will require substantial financial investments. Consequently, they’ll probably need to be paid for with cash rather than borrowed money.
A well-planned home improvement project can yield a high return in terms of comfort and enjoyment for the homeowner and increased marketability of the property when it’s time to sell. It’s important to discuss potential renovations with a real estate agent before beginning any major projects. It’s also important to focus on the most valuable upgrades. These include adding a master suite, installing a kitchen island, replacing windows and doors, and making a house more energy efficient.
Depending on the scope of the project, it could be more economical to do some of the work yourself rather than hire professionals. However, certain tasks like wiring, plumbing and cutting through walls should be left to experts. Also, it’s essential to choose contractors with the right insurance coverage. In addition, it’s important to research any potential contractor thoroughly before hiring them.
In the 1920s, magazine ads promoted home improvement projects as a way for fathers and sons to bond over their shared interest in construction. Large builders such as Levitt and Sons grew rapidly during this period, creating suburbs in the United States and boosting home ownership. After World War II, government mortgage insurance programs for veterans helped to stimulate housing and highway construction and further boost home improvements. In addition, advertisements from tool makers like Stanley promoted home improvement projects as a means of re-creating male bonds lost when fathers no longer passed on their job skills to their offspring. As a result, the DIY home improvement movement gained momentum during this period.