Increasingly, home owners are repairing and renovating their existing properties to fit their lifestyles and needs. Spending on home improvement is up 50 percent in the past eight years and has more than doubled among homeowners 55 and older, according to a recent Harvard study.
In 2023, experts predict that more people will focus on small home improvements that improve their homes’ aesthetic and feel. These updates are often inexpensive, but they can also make a significant impact on a home’s value.
For instance, replacing worn-out windows with new vinyl ones can reduce a home’s energy bills and make it look fresher. Similarly, adding insulation or installing new HVAC systems can help save money and reduce the amount of energy used.
Another popular trend in 2023 is to add landscaping and other outdoor features, such as a patio or deck. These projects can increase the appeal of a home and are likely to be very popular with those who are considering selling.
Before you start a home improvement project, consider your budget carefully. There’s no point spending on a kitchen renovation if you can’t afford to replace your roof or HVAC system.
Be sure that the contractors you hire are licensed and bonded. You’ll also want to ensure that their contracts are in writing and signed by both parties before any work is done or money is paid. It’s a good idea to get at least three estimates before you hire any contractor.