Home improvement is a common activity for homeowners, especially during the pandemic. It’s not just a way to keep your house looking good, but it can help you save money in the long run by fixing problems that would otherwise cost more in the future. It also helps you create more space for entertainment and working from home.
While there are many benefits to doing a home renovation project, it’s important to remember that the projects you choose should fit your needs and budget. It’s easy to get caught up in the excitement of renovating, and you may end up overspending or even going into debt. This is especially true if you hire contractors who don’t have your best interests in mind or aren’t careful about their work.
In 2024, spending on home improvement is expected to decrease slightly, according to the Joint Center for Housing Studies of Harvard University (JCHS). However, it should still remain higher than it was in 2019.
Despite the drop in mortgage refinancing and stalled home sales, home improvement continues to be a popular homeowner activity. The reasons behind the increased interest in home improvements are varied, but mainly include rock-bottom mortgage rates and the need to upgrade worn-out surfaces and finishes, as well as add features and improve livability.
Additionally, a growing population of older homeowners and the resurgence of do-it-yourself (DIY) projects are contributing to this surge in home improvements. As a result, many people are finding that they’re more satisfied with their homes than ever before.
As a result, more homeowners are choosing to stay in their current homes and invest in upgrades instead of selling their property and purchasing another. Some of the biggest surging areas for home improvement are in landscaping and the backyard. The number of homeowners hiring landscapers is up more than threefold and those putting up fences has increased nearly as much.
One of the biggest mistakes you can make during a home improvement project is to choose the most expensive materials without taking into account your budget. This can lead to overspending, which can cause you to go into debt or put yourself at risk of foreclosure. A well-planned budget can prevent this from happening by ensuring that you don’t spend more than you have and that your renovation is done in a timely manner.
In addition, it’s important to consider how your home improvement project will affect the value of your property in the future. You don’t want to make improvements that will not increase your home’s resale value. Lastly, it’s important to remember that your personal comfort and enjoyment are more important than what will increase the price of your home when you decide to sell it.
