Home improvement, also known as residential remodeling or renovation, is the process of upgrading or repairing a single-family dwelling to increase its utility and appeal. A wide range of projects fall under this umbrella, from painting and wallpapering to adding new flooring, lighting, or appliances. Home improvement can be a DIY project or involve the help of professional contractors. The goal is to improve the livability of the home and increase its value in the real estate market.
The COVID-19 pandemic caused many professional remodeling projects to come to a halt, but home improvement was still a major economic driver in 2021. Per the Harvard Joint Center for Housing Studies, American homeowners spent about $420 billion on home improvements that year. And although JCHS reports that home improvement spending will decline slightly in 2024, the number of homeowners renovating their homes is expected to remain at a healthy level.
When we asked Americans why they plan on taking on home improvement projects in the next two years, more than half (51%) said they want to make their homes more comfortable for themselves and their families. Other reasons included making their houses more attractive to potential buyers (25%) and increasing the resale value of their property (23%).
Upgrading your home doesn’t have to be expensive. In fact, we surveyed homeowners and found that the most common projects they’re considering are painting, updating light fixtures, and replacing carpet. Those who are more adventurous can try their hand at more ambitious home projects, like adding a kitchen island or converting an attic into a primary suite.
Before starting any home improvement project, you should be clear on what you want to accomplish and have a budget in mind. Otherwise, you may find that your project ends up costing much more than you planned. For example, a plumbing leak that turns into a rotted subfloor or shingles that are hiding shoddy repair work can add up quickly. Then there’s the added cost of overspending and possibly going into debt to complete the project.
A home improvement project can be a fun way to spend your free time, but it’s important to consider how the changes you make will affect your home in the long run. For instance, you should avoid making a remodel that goes over the top or deviates too far from your neighborhood’s style and value.
If you’re thinking about hiring a contractor to tackle your home improvement project, be sure to get all contracts in writing. Maryland’s Home Improvement Law requires all home improvement contracts to include the contractor’s name, address, and MHIC license number. It’s also a good idea to ask about any warranties for materials and workmanship. This will protect you in case something goes wrong or the contractor is unable to complete the job. It’s also a good idea for the contract to specify the start and end dates of the project. This will give you a chance to dispute the work or request refunds should it be necessary.