The Home Improvement Industry is Booming

Home improvement is an industry that consists of businesses that offer building materials, decor, appliances and services such as contractors and tradespeople to remodel or enhance residential homes. The industry has experienced rapid growth in recent years as homeowners strive to improve their living spaces and make a great first impression on potential buyers when selling.

Many of these projects are DIY, allowing homeowners to save money while still upgrading their property. However, when hiring professionals, it is important to find the right fit. A company with the proper experience, credentials and reputation can increase a project’s efficiency and overall cost-effectiveness. A good place to start is by reviewing an online customer review.

In addition to finding the right contractor, it’s also wise to consider which upgrades will boost a home’s value. A common mistake homeowners make is going overboard on a renovation that will not be appreciated by potential buyers. For example, adding a backyard hot tub or fountain may not be a wise choice if the rest of the neighborhood has modest yards. Instead, opting for low-cost fixes like painting and replacing worn doorknobs can provide a high return on investment.

According to a recent survey by Axiom, the types of home improvements surging the most are those that focus on the outside of a home. Axiom reports that yard and landscape work is the fastest growing category with threefold increases in laying patios, as well as in constructing decks and fences. The coronavirus pandemic has also impacted how homeowners approach these kinds of projects, as 79 percent of respondents said they would be more cautious about letting home improvement professionals into their home due to safety concerns.

With rock-bottom interest rates making home ownership an attractive option, the home improvement industry has thrived in recent years. Despite the economic slowdown, the National Association of Home Builders reported that home construction rose in February. However, this rise is expected to be short-lived as the housing market continues to struggle. As such, consumers are likely to become more conservative with their home improvements in the near future. Regardless, homeownership remains one of the most solid investments available.