Home Improvement – How to Choose the Right Projects for Your Home
Home improvement is a massive industry that encompasses the sale of building materials, appliances and decor. It also includes contractors, tradespeople and others who help people build, install or modify their homes. Its growth results from a steady demand for improvements that help make houses more comfortable and functional. Home improvement isn’t always about adding value to your house, though; it can also be a way to save money. In addition, many homeowners take on projects that improve energy efficiency and reduce utility bills.
According to the most recent American Housing Survey, more than half of Americans plan to take on a home improvement project within the next two years. Most of those plans involve small projects, such as painting a room or replacing light fixtures. Others are more substantial, such as a kitchen remodel or adding a room to the house.
When it comes to deciding on a project, most people say they want to make their home more comfortable for themselves and their families. Some say they’re considering a project to add curb appeal and increase their home’s resale value. Others say they’re simply tired of looking at an outdated home and want to upgrade it.
While the Covid-19 pandemic drove home improvement spending, many people are now beginning to rethink their home renovation plans. Rising prices appear to be the main reason for the slowdown, although Lowe’s and Home Depot have said that consumers are deferring, rather than abandoning, their more ambitious projects.
Almost all major home improvement projects offer some return on investment, but the percentage of each project that recoups its cost varies widely depending on the type of work done. For example, some roof repairs recoup 100 percent or more of the costs, while other roof repairs offer only 20 percent or less of a return.
The best projects to invest in include those that boost a home’s energy efficiency or add livable space. For example, installing a smart thermostat can help lower electricity bills and improve a home’s comfort. Energy-efficient windows and improved insulation also offer a great return on investment.
Adding a deck or putting up a fence are also good ways to improve the look and feel of a home. However, it’s important to choose the right projects for your home and to ensure they’re consistent with the style of other homes in your neighborhood. Otherwise, you could wind up with a house that looks out of place. It’s also a good idea to think about whether or not any planned home improvement projects will be appealing to future buyers, as well. Homeowners should avoid putting in too many personal touches that might not be appreciated by prospective buyers.