Home Improvement Trends for 2021
Whether you are looking to improve your home’s value or simply keep it in good condition, there are a variety of home improvement options available to you. You may choose to do it yourself or hire a contractor. However, it is important to find a qualified contractor who is licensed in your area. Before hiring a contractor, make sure you find out if he or she is licensed, has insurance, and has the necessary permits for the work you are seeking. You also want to make sure you know what inspections are required before beginning the project.
Axiom, a Minneapolis marketing firm, surveyed consumers on their home improvement plans for 2021. The majority of consumers planned to start work on their projects in March or April of the year. However, 24 percent of homeowners said they were planning to begin work in the first two months of the year. While 40 percent of surveyors said they were planning to do some work on their homes themselves, 46 percent were planning to hire a professional for all or part of their projects.
Home improvement is a multi-billion dollar industry. In fact, the industry is projected to grow at an annual rate of 4% to reach $510 billion by 2024. The growth is fueled by a booming population of Millennials. They are purchasing homes and are doing more home improvement projects than any other age group.
In addition, millennials are driving billions of dollars into home improvement projects in the coming years. The Harvard Joint Center for Housing Studies estimates that home remodeling will jump in the first few months of the year, but then slow down to a more sustainable rate. In fact, the average homeowner spent 16.2% more on their home in the last year than the year before.
The market for home improvement is a highly competitive one, especially in the DIY sector. Major vendors are competing on price and product portfolio. In addition, new players are entering the market. They include private labels and aggregators, which act as a middleman between service providers and customers. These companies bundle a variety of home improvement services in one package.
Home improvement is an important part of the economy, especially during times of uncertainty. It can help improve the value of your home, while at the same time providing a sense of comfort and security for you and your family. However, before you hire a contractor, be sure you know who he or she is and what he or she has done in the past. You may also want to check references and ask friends or neighbors for recommendations. You can also visit your local building codes office to find out more about the specific requirements for your area.
In addition to a license, homeowners who engage in home improvement projects without a license can face fines that can range from $500 to $5,000. In some counties, engaging in home improvement without a license is considered a Class A misdemeanor, which could result in imprisonment.