Home improvement is the process of improving the interior or exterior of a residential property. These improvements can include upgrades to electrical and plumbing systems, the addition of rooms or square footage to a home, or the repair and maintenance of existing items such as driveways, walkways, or roofs. Some homeowners choose to improve their homes in order to increase its market value while others do it simply for aesthetic reasons. Whatever the reason, these projects are often carried out with the help of professionals and can be extremely costly.
According to a recent study, American homeowners have spent more than a half trillion dollars on home improvement projects in the past few years alone. However, with rising prices and a possible recession on the horizon, it may be harder for homeowners to undertake these kinds of projects in the future. The study also found that Americans are putting major renovations on hold and turning to cheaper do-it-yourself fixes.
Homeowners who are considering a project should carefully consider the ROI (return on investment) that can be expected from the improvement and how much they are willing to spend on it. In addition to the cost of materials, homeowners should factor in the labor costs and the time that will be needed to complete the project. The highest return on investment projects include kitchen and bathroom remodels, adding an attic or basement, installing a new roof, and making energy-efficient upgrades.
When choosing a contractor for home improvement, consumers should check the company’s license and insurance, business references, and MHIC (Maryland Home Improvement Commission) certification. A reputable firm will have a permanent address, be competitive in price, and stand by its warranties. Consumers should be wary of contractors who refuse to provide a written contract, do not supply a copy of the contract for review by the MHIC, or have their name, MHIC number, and business phone number preprinted on the contract.
Despite the fact that many Americans have put their major renovation plans on hold during the pandemic, the National Association of Realtors reports that the majority of respondents who had planned to renovate prior to the pandemic still intend to do so. Moreover, the NAR survey found that the vast majority of those who renovated reported that they were satisfied with their home improvements and that the upgrade projects improved their satisfaction with their homes.