Home improvement is a wide term that includes the construction of new homes, as well as renovations and remodeling of existing homes. It also includes the sale of building materials and appliances, and of services performed by contractors, installers, builders and tradespeople in residential homes.
Homeowners continue to make investments in their homes. While many are considering painting a room or updating light fixtures, others are looking at more major projects like adding an outdoor living space, remodeling the kitchen or converting an old tub to a shower.
The 2022 Cost vs Value Report from Remodeling by JLC shows that some upgrades have a better return on investment than others. The report analyzes 23 major projects and reveals which add the most value to your home.
It’s important to find a contractor you can trust. Make sure to check their license, insurance and business references before hiring them for any work at your home. It’s also important to establish a payment schedule and include as much detail about the project as possible in the contract.
While the home improvement market has enjoyed excellent growth results in recent years, some analysts predict that spending on residential renovations could decline this year due to higher prices. Lowe’s and Home Depot have both reported a cooling of their home remodeling sales this year, after a pandemic-era renovation frenzy. However, households aren’t abandoning their plans to improve their homes, they just seem to be putting off the bigger improvements and turning to do-it-yourself fixes for now.