Home improvement is a term used to describe a wide range of projects, from small repairs to major renovations. A home improvement project could be done over a number of years, or it can be completed in one lump sum.
In addition to adding value to a home, improvements can also make it safer for residents. For example, installing fire protection devices and security protection systems can prevent a house from catching on fire.
A variety of businesses operate in the home improvement industry. Some specialize in niche services. Others provide affordable options for traditional services.
There are many types of home improvement, and some of the most common include landscape work, driveways, interior and exterior painting, and more. However, you’ll need to ensure that your project is done by a licensed contractor.
Many states prohibit doing “home improvement” without a license. This is considered a Class A misdemeanor in some counties. If you’re not sure if your contractor has a license, look for references.
According to the Harvard Joint Center for Housing Studies, the number of people doing home improvement projects is expected to spike at the start of the year. The spending on home improvements is up 4% annually. It’s estimated that the home renovation business will reach $510 billion by 2024.
Home improvement projects can be costly, so it’s important to set a budget. Renovations that go over budget can cause a negative impact on resale value.