Home improvement is a term used to describe projects to improve the interior and exterior of a home. Depending on the type of project, this can involve adding new features to the property and changing the layout. Adding a room, changing a kitchen layout, or changing the landscaping can all be considered home improvement projects.
A recent survey conducted by the Minneapolis-based marketing firm Axiom shows that home improvement spending will increase again in 2021. More than half of home owners plan to do some improvements themselves, while nearly all plan to hire out some work. This trend has increased since the outbreak of the 2020 coronavirus, which has increased homeowners’ focus on home improvement.
The home improvement industry is booming, with Millennials buying more homes and undertaking more home improvement projects than any other age group. This generation is projected to drive billions of dollars into the industry in the coming years. As a result, businesses are providing more affordable and improved services to homeowners. These businesses are also targeting specific needs and niche markets. Painting, for example, accounts for nearly 70 percent of home improvement spending, and the sector is increasingly geared towards quality and convenience.
The purpose of a home improvement project is to add value to a property. However, not all home improvement projects add value. In fact, some may actually depreciate the property. This is why you should always discuss your plans with local contractors and residential real estate agents. In addition, you should ask for their recommendations and track record in maximizing the curb appeal of a home.