Home improvement is a huge industry that includes the sale of building materials, appliances and decor, as well as contractors, tradespeople and other workers who help renovate or improve homes. It has achieved excellent growth results in recent years, especially during the COVID-19 pandemic and as more people spend time at home.
The categories of home improvement that are surging the most include deck construction and building fences. These improvements increase functionality and property value, and are often more affordable than a new kitchen or bathroom. But homeowners should be wary of going too far with their renovations. Home additions and other costly upgrades may not recoup their costs in the event of a sale, and can even detract from a home’s appeal, according to Zonda.
Another common mistake is improving a home well above the average of neighboring houses in the area. Home prices are usually set by the local market and reflect what buyers are willing to pay, so overly-impressive renovations can turn off prospective sellers.
The popularity of TV shows like Fixer Upper and This Old House has helped to fuel a culture of DIY home improvement. But while there are plenty of projects that can be completed on a budget, it’s important to always get a professional to complete any major or expensive renovations. And don’t forget to set aside money in your budget for unexpected expenses during the renovation process.