Home Improvement Trends in 2022
Home improvement is the process of renovating and repairing a house or property. This is generally done to increase the comfort of living, protect the property from damage, or make it more functional for the inhabitants or future owners. Home improvements also have the potential to raise neighborhood standards, which can help increase or maintain property values, and promote economic growth through increased jobs and markets for materials and home products.
The 2022 Census Survey found that homeowner remodeling and repair projects increased by a record 17% during the two-year period, with homeowners citing satisfaction with their homes as the motivation. The pandemic certainly influenced this increase, but it was not the sole factor. Other factors included increasing home prices, a strong job market, and the desire to upgrade worn surfaces and add features.
Fewer than half (42%) of homeowners who took on projects reported being able to pay for them without tapping into savings or going into debt. This is down from 52% who said the same in 2020.
When choosing a contractor for your project, always check their licensing and insurance. Also, get references from friends and neighbors. If your neighbor used a particular contractor for their project, ask if they were satisfied with the work and if it was completed on time. A licensed and insured contractor will also carry workers’ compensation and liability insurance, which protects you in the event of an injury or property damage to the contractor or any of his or her employees working on your project.