Home improvement refers to any work done on a house to improve its appearance or functionality. This includes everything from painting and re-grouting tile to installing a new kitchen or putting in a pool. Many people choose to do home renovation projects in order to increase the value of their homes or simply make them more pleasant to live in. According to the National Association of Realtors (NAR), homeowners have been reinvesting in their homes during the pandemic, with spending on home renovation projects expected to reach $485 billion in 2023. In this article, we’ll explore the latest trends and stats on home improvement, including information about the most popular types of projects and their estimated ROI values.
The NAR reports that the pandemic did not deter many homeowners from renovating their properties, and most people who undertook projects reported a high level of satisfaction with the results. Many people cited improved enjoyment of their homes as the primary motivation for their renovations, and others were motivated by the need to upgrade worn-out surfaces and materials. Other popular reasons for upgrading a home included improving livability, adding features and increasing usable space, and making their homes more energy-efficient.
However, some improvements are not cost-effective and may reduce a home’s value. It’s important to consider the value of a project before committing any funds, and avoid tackling expensive projects that have a purely personal appeal, such as a koi pond in the backyard.