The Home Improvement Industry
The home improvement industry encompasses the sale of building materials and supplies, appliances, and decor, as well as services provided by contractors and other workers who build, renovate, or improve homes. It is important to select the right projects to maximize a return on investment, such as those that add functionality and appeal to the home. In addition, homeowners should consider the potential impact on resale value when selecting projects. For example, adding an in-ground pool may negatively affect resale value if it doesn’t match the style and size of other homes in the neighborhood.
Despite the pandemic, homeowners remain interested in home improvements. More than 3 in 5 homeowners have taken on projects since March 1, according to a NerdWallet survey. However, many are reluctant to hire professionals due to coronavirus-related social distancing measures.
A surge in DIY interest helped fuel the home improvement industry, and television shows such as Bob Vila’s This Old House and HGTV have contributed to the culture of do-it-yourself renovation. Home-center chains and other retailers began offering supplies for basic projects, such as painting or replacing a toilet.
A homeowner who decides to use a contractor for a project must ensure that they are licensed, insured, and properly qualified. It is also advisable to check with the Better Business Bureau and perform a background and credit check. It is important to establish a payment schedule and only pay for the project once it is complete, with any remaining funds held until all necessary inspections are conducted.