Homeowners have a lot of responsibility, and one of those duties is caring for their home. This includes keeping it looking good, and making sure that it is safe for the family living in it. It also means that they have to perform regular maintenance and make upgrades as needed. The latter can be expensive, and many homeowners need to decide how much to spend on a project before starting it. In the case of major work, such as a kitchen remodel or adding a new bathroom, the expense can be even more significant.
Regardless of the expense, there is no doubt that most homeowners enjoy their home improvement projects when they are complete. In fact, a 2022 study by the National Association of Realtors found that 83% of homeowners who completed a renovation were satisfied with their homes. This was attributed to several factors, including feeling safer and more comfortable in their upgraded homes; improving energy efficiency; and the satisfaction of having completed a project.
In addition, rock-bottom interest rates make it easier for homeowners to afford the cost of a project. These factors contributed to a dramatic increase in the home improvement industry between 2020 and 2021. In the third quarter of 2022, for example, home improvements accounted for almost a quarter of all construction spending. However, JCHS reports that home improvement revenues are expected to decrease in 2024 due to housing market issues and rising labor costs.
What’s more, not every home improvement will add value to a property. Experts advise that homeowners consider the type of upgrade and their home’s location when deciding what to do. For example, an expensive bathroom remodel may not appeal to potential buyers and will only serve to detract from the resale value of a home. On the other hand, an investment in an energy-efficient furnace or windows will save money on heating and cooling costs and could increase a home’s resale value.
Many homeowners are planning to do home improvement projects in the near future. In a recent survey, nearly half of those surveyed said they were considering a project within the next two years. Most of the upcoming projects aren’t aimed at increasing a home’s resale price; rather, they are primarily focused on making the residence more functional and enjoyable for current residents.
Whether you’re tackling a DIY project or hiring a contractor, it’s always important to do your research before spending any money. Ensure that you find a reputable company and get a contract signed before beginning any work. Ideally, the contract should include a timeline for when the work will be completed, a payment schedule and detailed information about any materials to be used. In addition, New York state law requires a homeowner to withhold any final payment until all of the necessary inspections and certificates of occupancy are completed. Having this documentation can help to prevent any problems down the road.