Home Improvement Trends in 2017
Home improvement is the repair, maintenance or renovation of residential real property such as a house or a garden. It also includes the construction of new facilities such as driveways or additions to an existing home. Home improvements can be carried out for a number of reasons such as improving comfort, enhancing security, or increasing property value. Some homeowners choose to renovate for aesthetics, while others prioritize resale value.
The most popular renovations include installing new vinyl windows, repairing or replacing an old roof and upgrading heating and cooling systems. However, homeowners should be aware that not all home improvement projects will increase the resale value of their homes. It’s important to consider the needs of future buyers when making renovations and to avoid over-improving their homes.
During the pandemic, homeowners were less likely to hire professionals for their home improvement projects but jumped into do-it-yourself (DIY) tasks. In fact, DIY projects received the highest Joy Scores, indicating that they were highly satisfying for homeowners. Millennials were particularly enthusiastic about DIY projects, although they only drove 6 percent of home improvement market spending in 2017.
Homeowners who are planning to sell their homes should be cautious about which renovations they pursue. For example, simply opening up a wall to create a larger living space might not add enough value to offset the cost of materials and labor. It’s also wise to speak with a realtor about specific home improvements that will yield the best return on investment.