The Home Improvement Industry
Home improvement, also known as house renovation, is the repair, remodeling, alteration, conversion, modernization, or improvement of any part or all of a residential building. The industry involves the retail sale of building materials, appliances, and decor, as well as contracting services to carry out the work. It reached excellent growth results in recent years, especially during the COVID-19 pandemic.
Homeowners who are interested in increasing the value of their homes often invest in home improvements. However, not all renovations offer the same return on investment. Some home improvements, such as sparkling bathroom overhauls, deliver a high ROI when it comes time to sell, while others, such as basement finishing and kitchen renovations, tend to lag behind.
According to a recent Houzz study, homeowners spent more money on home improvements in 2022 than they did the previous year. The surge was partly due to the need to address pandemic-related issues such as replacing worn-out surfaces, but it also reflected an overall increase in homeowner satisfaction.
Inflation has also driven up the cost of many remodeling projects. As a result, some projects that were once affordable are now out of reach for many consumers. For those on tighter budgets, experts recommend making minor facelifts to the home to refresh its look and feel.
Before beginning any home improvement project, it’s important to choose a contractor who is licensed and insured. Maryland’s law requires contractors to have a valid license and display it prominently in their business. The license must be in the name of the individual performing the work, rather than a corporation.