The home improvement industry is responsible for the sale of building materials, appliances, decor and other home enhancement products. The industry also includes contractors and tradespeople who perform a variety of renovations and remodeling projects. This is a growing industry that has reached excellent growth results in recent years.

Homeowners have been staying put, deterred from moving by historically high mortgage rates. Instead, many are choosing to remodel and renovate their current homes, according to a survey by the online renovation marketplace Houzz & Home. Many homeowners are focused on the kitchen and bathroom, while others plan to hire a professional to spruce up their electrical wiring or cabinets.

While some improvements do increase a home’s value, it is important to understand the difference between adding value to your house and actually making a return on the investment. Generally, renovations that enhance the overall look and feel of a house are a good investment, while projects that make it more expensive or unique may not appeal to potential buyers.

One of the best ways to improve your home without spending a fortune is to repaint the interior and exterior. A gallon of paint costs around $30, and a fresh coat of neutral color will brighten up the whole space and instantly add value to your home.

Similarly, replacing older windows with energy-efficient vinyl ones will not only help save on utility bills but will improve the look of your home’s exterior. However, if you are considering adding an outdoor kitchen or pool, it is important to consult with a real estate agent and/or contractor to ensure that these types of renovations will increase your home’s resale value.