Home improvement refers to the process of renovating or repairing residential and commercial properties. The activities can be carried out by the property owner or by professional contractors. Home improvement can include a variety of projects such as painting, refinishing hardwood floors, adding a new bathroom, kitchen, or basement, updating electrical wiring, installing windows, doors, and roofs, or even gardening work.
Many homeowners pursue remodeling projects with the aim of boosting their home’s value. After all, who doesn’t want a state-of-the-art kitchen or a finished basement? But that’s often misguided thinking, because not all renovations increase a house’s value. And some actually decrease it.
The most popular categories that people are spending on to improve their homes in 2023 include work done outdoors, such as deck construction and fence building, and projects related to the yard. “People are getting more comfortable with the idea of staying in their home longer and so they’re looking to make it a place they can enjoy for a long time,” says Anderson. Rock-bottom interest rates have also made it cheaper to finance these improvements, and in unsettling times, spending on a house can feel like a comforting investment.
In fact, homeowner spending on home improvements has risen 50 percent since hitting a low during the recession, and it’s aging homeowners who are the driving force behind the boom in renovations. For example, those between 55 and 64 years old accounted for 25 percent of home improvement spending in 2017.