Home improvement is an industry that includes retailers of building materials and appliances, as well as contractors and tradespeople who offer services for improving or renovating homes. This industry has been doing well in recent years and is expected to continue growing in the future.
According to a NerdWallet survey, more than 3 in 5 homeowners have taken on home improvement projects since the start of the pandemic. And they’ve spent an average of $6,438, on these projects.
While some home renovations may deliver a high return on investment when it’s time to sell, most don’t. In fact, homeowners only get about a 60% return on their investments for major remodels such as sparkling bathroom overhauls and kitchen or basement renovations.
As a result, many people are opting to stay in their current homes rather than buying new ones. And if they do decide to make a change, it’s likely that energy efficiency upgrades will be one of the top remodeling trends in 2023. These improvements, such as installing new windows or a heat pump, will decrease energy costs and ultimately pay for themselves over time.
But with inflation so high, some experts believe that more homeowners will choose to focus on repairs and minor facelifts in order to keep up with the rising cost of living. This includes updates such as refreshing shower areas, replacing vanities and toilets, laying new tile, or adding fixtures and lighting. These are all great ways to update your house and improve its aesthetic without breaking the bank.