The home improvement industry includes retail and wholesale businesses that provide building materials, appliances, decor, and other items to improve a home. It also includes the contractors, tradespeople, and others who work to install, repair, and upgrade homes. The industry has seen excellent growth in recent years, particularly during the COVID-19 pandemic, when homeowners focused on improving their living spaces while staying inside. This trend is expected to continue into 2023, with consumers focusing on projects that add value and comfort to their homes.
Many home improvement projects yield great return on investment, such as sparkling bathroom overhauls and basement renovations. However, some improvements can actually decrease your home’s value, such as garage conversions and over-the-top kitchen remodels. To avoid losing money on your next home improvement project, speak with a real estate agent about what upgrades are likely to pay off when you eventually sell your home.
While some homeowners prefer to do home improvement projects on their own, it is important to find a reliable contractor to help you with your renovation. You should always verify a contractor’s license and insurance, as well as ask for references from previous customers. Additionally, you should be wary of any contractor that refuses to put their work in writing. Maryland law requires that all contracts for home improvement work must be in writing and signed by both parties before the job begins.
A wide variety of home improvement projects have been popular with homeowners over the last few years, including new windows and doors, kitchen remodeling, and room additions. These projects are expected to continue in popularity, as homeowners seek to improve the curb appeal of their properties and make them more energy efficient.
Home improvement trends have varied greatly over the past few years, with some projects seeing greater returns on investment than others. This trend is expected to continue into 2023, as homeowners invest in projects that increase the functionality of their homes and improve their resale value.
Some of the most popular home improvement projects include kitchen and bath remodeling, exterior painting, and installing hardwood floors. These projects are favored by both men and women, with some gender-specific trends emerging. For example, women are increasingly choosing to pursue DIY (do-it-yourself) projects, as demonstrated by the growing success of programs like Trading Spaces.
In the United States, 22 million homeowners completed at least one home improvement project in 2017. These projects included everything from installing new flooring to converting an extra bedroom into an office. However, the majority of projects were minor and were undertaken by households with relatively low incomes. In contrast, the highest-spending homeowners accounted for only 3 percent of the market, and their projects involved upper-end discretionary projects such as replacing systems or exterior replacements. Regardless of their project spending, the vast majority of homeowners completed affordable and effective projects that were a good investment for their homes.