Homeowners are investing more in residential home improvement. We explore the latest stats and trends, popular projects and more.
Adding space to your home not only increases its function and livability, but it also can boost its value. However, homeowners can face challenges with financing such a major project. This article provides information on a variety of resources and ideas to help you complete your remodeling project successfully and affordably.
According to the National Association of Realtors (NAR), during the pandemic, professional renovation projects dropped while do-it-yourself renovations soared. These DIY efforts were often a result of being confined to the house and the desire to use that time to improve entertainment and work-from-home spaces, increase their comfort with the existing space and create homes they would feel happy in. The NAR survey also shared that homeowners are more satisfied with their homes after completing remodeling projects.
A few quick and inexpensive improvements can improve a home’s energy efficiency, making it more affordable to live in the home and reduce utilities bills. For example, replacing old windows can reduce drafts and cold air coming into the home. Also, installing a smart thermostat can save money by helping homeowners monitor and adjust their heating and cooling systems.
The State of New York requires contractors working on certain residential home improvement projects to have a valid residential contractor’s license. For this reason, it is important that homeowners check a contractor’s license and insurance prior to hiring them for any work on their homes.