Home improvement has become a hot industry over the past few years. This article will explore the latest statistics, trends and predictions for this area of residential investment.
Remodeling your home can add value, but it’s important to make smart choices. Be sure to know your budget and discuss potential projects with a real estate professional before hiring contractors.
Remodeling
Remodeling is an extensive project that restructures a home’s function and design. Examples include adding an additional bathroom or converting a garage into a living room. However, the definition of remodeling is broad enough to encompass other projects such as rerouting plumbing or electrical, installing new flooring or finishing a basement.
In addition to increasing the livability of a home, remodeling can also increase its value. Remodeling Magazine publishes an annual cost-vs-value analysis, and it shows that many projects offer substantial returns on investment. For example, replacing entry doors and a garage door will net homeowners about 75 percent and 98 percent return on investment, respectively, while adding a three-season sunroom to a house will yield only about 50 percent ROI.
Aside from cosmetic changes, a remodeling project can improve the safety of a home by upgrading outdated electrical systems and plumbing. It can also help save energy and money by installing efficient appliances, lighting and fixtures.
While some people may feel hesitant to invest in a home improvement project during the COVID-19 pandemic, it’s important for communities to maintain safe and comfortable spaces. Upgrading common areas with cleanable surfaces, for example, can prevent the spread of germs and keep residents and staff members healthy. Additionally, a community can upgrade its technology to keep residents and guests connected.
Additions
Home additions are typically the result of a family growing or a change in lifestyle. It may seem that the only option is to move but there are many reasons to choose a home addition instead.
The most traditional type of home addition is a room addition. This is often a solution for growing families but it can be used to add living space or even a kitchen or bathroom. Basic rooms with bare-bones electrical wiring cost less but as more details are added the price jumps significantly.
Zoning laws and other building codes can also add to the cost of a home addition. If your property falls under zoning restrictions then your builder will need to obtain permits and meet compliance standards for water drainage, septic systems and electricity.
When planning a home addition it’s important to research your options and find the ideal contractor. You should also look into a personal loan or other financing as this can help you stay on budget with the project and make it more affordable. This is especially true when interest rates are low. You may be able to pay off the loan with your next home sale or refinance it at a lower rate. Lastly, be sure to budget for cleanup costs as a construction site will generate a lot of mess.
Repairs
Home repair is a term used to describe any type of improvement or renovation that repairs the interior or exterior of your home. It can include painting or coating, resurfacing or refinishing floors, replacing doors and windows, fixing leaks, adding insulation, improving energy efficiency and making other minor structural fixes. It can also include the construction or erection of a fence, driveways, walkways and patios, pools and hot tubs, sheds and gazebos, and other similar projects.
A key distinction between remodeling and home repair is that a renovation can add value to your property, prolong its useful life or adapt it to new uses. However, a repair is simply necessary maintenance that doesn’t improve your home’s value or extend its use. A few loose shingles on your roof, for example, is a repair, while having the shingle contractor replace them is a renovation.
Many States and Counties have programs to assist low income homeowners with the cost of home repairs. Typically, these are grants that don’t need to be repaid. The Bronx NHS has several different home improvement grant/loan programs for owners of 1-4 family homes. The Project HELP program offers loans and grants for home repairs such as the replacement of the roof, heating and cooling systems, the plumbing system, electrical work, sidewalk violation repair and removing lead paints and pipes on homes built before 1978.
Maintenance
Home improvement is the process of renovating and upgradating a residential dwelling. Home improvement projects may be carried out for aesthetic reasons, to improve energy efficiency or to increase the comfort and security of a living space. It may also be done to make a house more marketable or to prepare it for sale. Some common maintenance projects include sanding and painting walls, replacing roofs or shingles, remodeling kitchens and bathrooms and adding fences or decks.
Historically, DIY or do-it-yourself (DIY) home improvement projects were a male-dominated pastime, with carpentry and construction work being the primary focus of DIY activities. This changed in the late 1990s, when popular television shows such as Bob Vila’s This Old House and Trading Spaces prompted a shift towards a more inclusive concept of DIY. Advertisers began to target female homeowners and marketed power tools and other DIY products as “women friendly”; women took an active role in many aspects of home improvement, such as interior decorating and design.
When choosing a contractor to complete home improvement projects, it’s important to get a contract in writing. The contract should contain a timeline for the project to be completed, a payment schedule and as many details about the project as possible, including the types of materials and brands that will be used. It should also state any warranties that the contractor offers on its services.