Home improvement is a vast industry that encompasses the sale of building materials and appliances, as well as the contractors and tradespeople who perform repairs and upgrades on homes. The sector has reached excellent growth results in recent years, particularly during the COVID-19 pandemic, but is expected to slow down in 2024.
If you’re planning on selling your house in the future, it’s a good idea to make improvements that will increase its resale value. This includes adding a primary suite, making the kitchen more functional, and improving outdoor living areas like the backyard. It’s also a good idea to consult with a real estate agent who can tell you what upgrades will most appeal to buyers in your neighborhood.
Some home improvement projects are essential and can’t be put off, like fixing electrical problems or addressing roof leaks. But even small, inexpensive improvements can make a big difference, such as changing the handles on your doors or repainting your front door.
Some home improvements don’t add value, however. These might be too personalized or over the top for the average buyer, or they might not fit in with the overall look and feel of the neighborhood. For example, an above-ground pool may look tacky in a neighborhood with mostly modest yards. And, remember that you’ll pay for any improvements with money borrowed from a bank or other lender, so it’s important to budget wisely. That way, you’ll be able to enjoy your new renovations without going into debt.