The home improvement market is growing and it’s fueled by a booming economy, a lack of new homes to buy and aging housing stock that requires upkeep and repairs. A recent report by the Harvard Joint Center for Housing Studies says that spending on home improvements has jumped 50 percent in the last five years. The biggest drivers of home improvement spending are homeowners 55 and older, who have a higher household income and greater disposable savings than younger homeowners.
There are a variety of reasons to undertake a home improvement project, including: 1. To increase the comfort and enjoyment of the residence.
Depending on the project, some changes can improve your daily life and make you feel more at home while others can increase the value of your property or help you sell your house for more money when it’s time to move. For example, a kitchen remodel can make you more comfortable in your living space and may even add to the home’s market value if you plan to sell it soon.
2. To address a safety issue or fix an existing problem such as roof leaks, electrical issues or foundation problems.
Adding insulation and replacing old windows are energy-saving improvements that can help you cut down on your monthly utility bills. And if you’re planning to put your house on the market, new insulation will improve its overall appearance and help it sell for more money.
3. To upgrade the function of your house, particularly if you have a growing family or are planning to sell it in the near future.
One of the most popular types of home renovation projects is to create additional rooms in the house, such as a second bathroom or an extra bedroom. These upgrades can also increase the usable space in a home and make it more attractive to buyers.
4. To update the fixtures and lighting in a space, such as the kitchen or bathroom.
Replacing outdated or damaged fixtures and lighting can be a simple home improvement project that can really freshen up a space. But before you start shopping, be sure to consider your budget and what the change will cost you.
5. To add value to the home by improving its efficiency, such as adding a heat pump or making other upgrades that will help your home become more comfortable to live in.
6. To upgrade the function of a room in your house, such as a master bathroom or an office.
If you’re thinking about remodeling your home, here are some things to keep in mind:
The first thing you should do is write a list of what you want to do and then look around for quotes from contractors who specialize in the work you need done. This will help you lock in firm prices and avoid any surprises that might arise.
It is also important to check with your local building and codes office to find out what permits are required before the contractor starts working. Then, be sure to ask about any warranties that the company will offer. Finally, remember to choose a home improvement contractor who is licensed in your state. Those with the proper licenses are typically screened for criminal convictions.