Home improvement is the repair, maintenance, restoration, or improvement of residential real property such as installing a new roof, repaving a driveway, remodeling a kitchen, building a deck, or adding an extension. This industry also includes companies that supply the materials and services needed for these projects. It also includes home furnishing stores and other businesses that sell decor and appliances. These companies operate out of a fixed commercial location and have high customer loyalty. The industry has shown strong growth in recent years, and is expected to reach even better results during the COVID-19 pandemic.
Many homeowners choose to remodel their homes in order to increase resale value. Others wish to improve their homes in order to make them more enjoyable to live in. This is especially true for those with older homes that have not been updated in decades.
In the face of rock-bottom interest rates, many people are opting to spend their money on home improvements. Some of the most popular projects are those that can save energy and money, such as upgrading to a smart thermostat.
However, it is important to remember that not all home improvements will result in higher resale values. Costly projects that have a purely personal appeal, such as the water feature and koi pond you’ve always wanted in your yard, are not likely to pay off if you ever decide to sell. If you’re thinking about making upgrades, keep in mind that the most valuable projects will add functionality and improve your enjoyment of your home.