Home improvement can be a great way to spruce up your space and add value to your property. However, it’s important to know that not all home improvements are created equal. The truth is, very few renovations actually make you a profit or even recoup the money that you put into them.
Homeowners are still tackling projects, but the rate is slowing down. The reason for this is due to rising labor and material costs that have led to a rise in the cost of projects. Additionally, the housing market is stalling and people aren’t buying homes as fast as they used to. Despite these challenges, homeowners still want to make their houses more comfortable and attractive.
While there is a large aggregator market where consumers can find qualified contractors, the most important step in finding someone to help with home improvements is to do your research and ensure that they are licensed and insured. It’s also recommended to only hire someone who has a membership in a reputable association and business references. In addition, it’s essential to have a realistic budget before you begin.
It’s no secret that home improvement projects can be expensive, especially if you’re hiring professionals to do the work for you. And while it’s tempting to go over budget, a well-planned project will give you the best results in terms of both your wallet and your home’s overall appearance.
Whether you’re preparing to sell or just want to spruce up your living space, there are many small home improvements that will boost your home’s appeal and increase its resale value. Painting your doors, resealing the driveway, installing pathway lighting or adding window planters are just a few examples of simple yet effective home improvement projects that will improve your home’s curb appeal.
In a survey by NerdWallet, 78% of homeowners who undertook major home improvement projects in the past two years said they paid cash for them. However, 24% had to cut back on discretionary spending or sell items to fund their projects. Further, 14% had to dip into or exhaust their emergency savings and 8% borrowed against the equity in their homes to pay for them.
Despite the recent drop in the housing market, the demand for home improvement services remains high. According to Home Depot’s CEO, the company continues to see robust growth in its core business because Americans “still love improving their homes.” This is a positive sign for the home improvement industry as it can continue to grow while addressing real estate market concerns such as stalled sales and mortgage refinancing. However, it is important to keep in mind that the housing market can quickly change and you should always consider your long-term goals when undertaking home improvement projects.