Home improvement refers to the repair, restoration or improvement of residential real property. Examples of home improvements include resurfacing a driveway, installing a fence and remodeling a kitchen or bathroom. Home improvement can also be a form of art, such as painting or carving.
A major home improvement can add significant value to a home, but it’s important to choose the right projects. Return on investment is an important metric for any remodel, and few improvements will recoup 100% of their cost at a future sale. It’s best to focus on functional upgrades that serve current needs and appeal to potential buyers, like adding a master suite or finishing a basement.
Some home improvements make a big difference in curb appeal, which is why exterior work often has the highest ROI. New gutters, siding and roof repairs can improve a home’s appearance, as well as its overall efficiency. A more efficient home may lower utility bills and attract buyers in the future.
The emergence of home improvement aggregators, which offer services through one company, has added a new dimension to the industry. These firms may use subcontractors, but they typically have a fixed address and stand by their warranties. They are usually large enough to be able to provide multiple options and vetted contractors.
The aggregator model has contributed to the recent growth in home improvement, and it’s likely that this trend will continue even as market issues impact spending. Revenues are expected to decline slightly in 2023, but the industry will continue to grow because homeowners find satisfaction in improving their living spaces.