The Home Improvement Industry – Stats, Trends and Predictions
Home improvement is a multibillion dollar industry, comprising the sale of building materials, appliances, decor and services provided by contractors and other tradespeople. It also includes work done by amateur DIYers. Home renovation has boomed during the COVID-19 pandemic and is expected to peak in 2022, then decline slightly until 2023 when it may reach $485 billion in spending. This article explores the latest stats, trends and predictions for this important market segment.
Many home improvements produce excellent ROI values, boosting the value of your house and making it more attractive to potential buyers. However, not all upgrades are equal. Some are more expensive and complicated than others. Some require professional help, such as a plumber or electrician. And some projects, such as adding a hot tub or fountain, can hurt your resale value.
Choosing and executing the right project can be a challenge. Here are some tips to guide you.
1. Avoid gimmicks and trendy additions that will date your home.
If you’re remodeling with the intention of selling, choose upgrades that are in line with the style of the neighborhood. A backyard pool, for example, is not likely to appeal to buyers if most homes in the area have no pools.