Latest Stats and Trends in the Home Improvement Industry

Home improvement

Home improvement is an industry that combines the sale of building materials, appliances and decor as well as contractors and tradespeople who help homeowners build, repair, remodel, and improve their homes. The home renovation industry reached record high growth results during the COVID-19 pandemic and is expected to continue to see increased spending into 2023. This article explores the latest stats and trends in the home improvement industry.

A home is more than just a place to live; it’s an investment in your family’s future. If you’re looking to get the most value out of your home when it comes time to sell, consider which improvements will actually boost resale values.

Do-it-yourself projects, such as painting, re-grouting tile and power washing, are inexpensive ways to add real value to your home. Adding curb appeal is also an easy and affordable way to increase your home’s value.

Choosing the right contractor is key when it comes to home improvement. While price is an important factor, compare not only the quoted price but also the contractor’s reputation, experience, and length of time in business.

If you need financing to complete your home improvement project, there are a variety of options available. A secured loan, such as a home equity line of credit (HELOC), can provide low interest rates and flexible repayment terms. A fixed rate mortgage can also be an excellent option for long-term financing.

Maryland law requires all contracts for home improvement work to be in writing and signed by both the consumer and the contractor before any work is performed or money paid. The contract must also contain the contractor’s name, address and MHIC license number.

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