The Home Improvement Industry is Expected to Grow by 20% by 2023
Home improvement is the act of renovating or repairing a home, including but not limited to remodeling rooms and adding new features. It also includes a wide range of DIY projects, as well as working with contractors and other professionals. The home improvement industry has achieved excellent growth results in recent years and is expected to continue its positive trend through 2023.
Home improvements can add value to a property and increase its overall desirability. However, homeowners should make sure any improvements are made in accordance with local codes and that all work is supervised by licensed contractors.
A good place to start when planning your next home improvement project is by creating a budget. This will help you determine how much money you have available and avoid overspending. If you need additional funding, personal loans and credit cards can be used to cover the costs of smaller renovations, while home equity lines of credit (HELOC) and second mortgages are a viable option for larger remodels and repairs.
Even small, budget-friendly upgrades can boost a property’s value and appeal. But homeowners should be careful not to over-personalize their homes, as this may detract from a property’s resale value. Additionally, if you’re considering selling your home in the future, consult with a real estate professional for advice before undertaking any major improvements. A real estate expert can provide valuable insights into what projects are likely to yield the highest return on investment and what might turn off potential buyers.