Home improvement refers to any work that is done on a home to make it more comfortable, improve safety or increase its value. It could be something as simple as a new coat of paint or as complex as adding a room to your home.
Despite the recent housing market slump and high mortgage rates, more Americans are staying put rather than selling their homes. Instead, they are doing DIY renovations and improving their properties to suit their changing needs.
The home improvement business is a lucrative one and will continue to grow, according to industry experts. The three main drivers behind this growth are Millennials, the growing popularity of do-it-yourself projects and the growing equity enjoyed by homeowners.
Experts predict that fewer Americans will buy houses in 2023 and more will focus on repairs, renovations and improvements to their existing homes. These updates will help reduce energy bills and provide homeowners with a much-needed reprieve from rising inflation.
The best way to ensure your home improvement projects go smoothly is to choose a qualified contractor and to make regular payments. If you find yourself in a dispute with your contractor, look for a mediation service. Many law schools and legal organizations offer volunteer mediators. Also, always check with your local consumer protection agency before hiring a contractor.