Home improvement retailers experienced a sharp rise in sales in the fourth quarter of 2018 but have since come off the highs. The rise in mortgage rates and inflation are taking a bite out of the market. However, people are more likely to invest in new home furnishings following a remodeling project. According to the Harvard Joint Center for Housing Studies, home remodeling sales are set to peak at the beginning of 2019, then decelerate to a sustainable growth rate.
Home improvement spending is expected to increase even more in 2021, with the majority of homeowners planning to hire professionals to complete a portion of the project. The rise in DIY projects is encouraging for professional contractors, with 56 percent of respondents indicating they plan to hire someone to complete some or all of the work. The survey also found that 90 percent of DIYers plan to spend more time working on their homes in 2021 than they did in 2018.
Updating hardware and architectural details is another way to update the look of your home. Changing knobs, handles and switch plates can help you coordinate the look of your home. Adding millwork is another way to add finishing touches.