Home improvement is the remodeling, repairing, restoring, or altering of any part of a residential or commercial property. This industry includes the sale of building materials and supplies, as well as the hiring of contractors and workers for construction or renovation projects. The home improvement market is expected to grow rapidly until 2023, when it is expected to begin declining due to ongoing housing market problems.
There are a few certainties in life: death, taxes and if you’re a homeowner, unexpected home improvement projects. Whether it’s fixing a leaky roof, repaving a driveway or updating a bathroom, these tasks aren’t always fun but they have to be done. While many homeowners claim to have money set aside for these tasks, not everyone is able to complete projects without tapping into savings or going into debt.
In 2017, home improvement spending reached a high, with homeowners 55 and over driving much of the activity. However, younger generations are now beginning to catch up and millennials will likely become the largest segment of the home improvement market by 2024. While there are many benefits to doing home improvements, it is important for homeowners to weigh their options carefully before investing in a project. Homeowners should also be aware that many projects may require a permit and should always hire licensed and insured contractors. Finally, homeowners should make sure contracts for home improvement work clearly outline a timeline for completion, payment schedule and any warranty information.