Home improvement is the process of remodeling, renovating, repairing, restoring, modernizing or adding to any part of a residential or noncommercial structure. The industry also includes the sale of materials and services such as plumbing, electricity, heating, cooling, and drywall and flooring.
Homeowners invest in home renovations for a variety of reasons, including increasing their property’s value and improving the quality of life for themselves and their families. However, it’s important to choose projects carefully and avoid those that won’t pay off in the long run.
The good news is that homeowners have developed a renewed interest in completing home improvement projects, especially during the COVID-19 pandemic. This has led to a boom in the industry, with a number of reports highlighting recent trends and projections for the future.
One trend that experts have noticed is an increase in home improvement spending by older homeowners. This is likely due to the fact that these individuals are more financially equipped to take out a mortgage or home equity loan to fund projects. Another factor that has contributed to increased spending on home improvement is higher housing prices, which allow for a larger pool of equity to be borrowed against.
It’s also important to consider the effect that your renovations will have on your home insurance coverage. For example, if you install top-of-the-line appliances and imported Italian marble countertops, your policy may no longer offer the level of protection you need.