Home improvement is a common activity for homeowners, with the goal of improving and upgrading living spaces. This can be done in a variety of ways, from small DIY projects to major renovations. Some home improvements add value to a property while others are strictly for personal enjoyment.
The home improvement industry grew tremendously during the pandemic as homeowners invested to make their homes better suited for entertainment and work-from-home activities. But the remodeling frenzy may be cooling down. According to Harvard University’s Joint Center for Housing Studies, leading indicators suggest that homeowner spending on home improvements peaked in 2022 and is expected to decrease by 2024.
Regardless of whether you’re interested in home improvement trends or planning to put your house on the market, it’s important to do your research before diving into any type of project. Return on investment (ROI) values vary greatly by project and location, and some renovations actually decrease a home’s overall value.
When deciding on the best way to improve your home, consult with experts in the field. Contractors and interior designers can provide recommendations specific to your home that will maximize its potential while increasing livability. They can also help you stay within your budget by recommending the most cost-effective strategies. If you’re considering using a home improvement loan to finance your project, pre-qualify with several lenders to compare estimated rates and terms. And don’t forget to gather necessary documents, such as proof of income and employment, to speed up the application process.