Home improvement, or home renovation is the process of renovating or repairing one’s home. This can include a wide variety of projects, such as painting, flooring, landscaping, and building an addition. It can also involve installing a kitchen, bathroom, or basement. The home improvement industry is a multi-billion dollar business, with homeowners spending money to make their homes more functional, beautiful, and energy efficient.

While many people enjoy the satisfaction of completing their own DIY home improvement projects, it’s important to be aware of the risks involved in hiring a contractor to complete large projects, such as kitchen or bath remodels or adding a new room to your house. When considering hiring a contractor, it is best to seek out companies with excellent customer service and a solid reputation. It is also a good idea to use a company that is licensed and insured.

The home improvement industry has seen a dramatic increase in consumers seeking to upgrade their homes during the COVID-19 pandemic and subsequent lockdowns. This boom helped drive record revenues for companies such as Home Depot. However, the trend is now beginning to slow down as consumer spending dries up.

When it comes to home improvement, most homeowners are thinking about a variety of projects, from painting and carpeting to renovating the kitchen or adding a master suite. However, only 20% of those surveyed plan to undertake improvements that would make their home more appealing to potential buyers. For most, the most common reason for wanting to do a project is to make their home more comfortable for themselves and their family.

It is also important to consider how long you are planning on living in your home, Tomalak said. If you’re thinking about moving in the near future, it may be worth waiting to do a major renovation until after you sell. That way, you can save up money and avoid putting yourself in debt while you’re trying to sell your house.

Homeowners can benefit from upgrading their homes to make them more energy efficient by adding new windows, a heat pump and added insulation. These improvements are likely to pay for themselves over time by lowering energy costs. Additionally, they will make the home more attractive to potential buyers because it is more environmentally friendly.