Home improvement is one of the biggest industries in the world. It includes a wide range of different projects that can make a house more comfortable and functional, such as remodeling a kitchen or adding a bathroom. It can also include things like painting, landscaping and putting in new flooring.
Last year, the home improvement industry saw a modest contraction, but it appears to have stabilized this year. The consumer market is now expected to grow at a rate that is twice as fast as the professional market, according to our recent U.S. Home Improvement Products Market Forecast.
A number of trends appear to be driving the rebound in home improvement. Many homeowners who postponed large and small projects during the pandemic are now planning to complete them, and new homeownership is on the rise. In addition, remote work and the desire for more space have fueled DIY remodeling projects.
As for the return on investment from home improvements, it can vary greatly. Most projects do add value to the home, but that is not always enough to make a profit or even recoup the cost of the project.
When choosing the right home improvement projects, it’s important to think about your goals and budget. You may want to prioritize increasing your home’s resale value or you may simply want to make it more comfortable. Whatever your reasons, there are several methods you can use to pay for renovations, including tapping into savings, taking out a loan or credit card, and even using funds from a retirement account.