The Home Improvement Boom Has Ended, But Homeowners Are Recalibrating Their Priorities
Home improvement refers to any work performed to improve or repair a structure within or on the exterior of a residential dwelling. It is a broad term that includes many types of projects, such as adding, repairing or replacing flooring, painting, resurfacing, putting in a new deck or fence, and installing windows.
America’s love for upgrading their living spaces has powered a surge in home improvement spending that’s helping companies like Home Depot to see record sales. But the boom in renovations has started to cool off, and homeowners are recalibrating their priorities.
While most people want to improve their homes, the reasons for doing so vary. For some, it’s a matter of making the place more comfortable, and for others it’s about increasing their property’s value in order to sell it. But for most, it’s a combination of both.
A recent survey by Real Estate Witch found that the most common reason homeowners plan to undertake home improvement projects over the next two years is to make their homes more comfortable. But 20% of those surveyed also say they are thinking about renovating their homes to appeal to potential buyers.
The good news is that most improvements will likely provide a positive return on investment, especially those projects that focus on kitchens, bathrooms and basements. But some projects won’t deliver the expected benefits, particularly those that are too personalized or don’t fit with the style and values of other properties in the neighborhood.