CHARLOTTE, N.C. — People are spending more money on home renovations these days.

According to a recent analysis of the housing market by Harvard University, Americans are projected to spend $485 billion on home renovations and repairs in 2023. That’s up nearly 3% from last year.

What You Need To Know

  • Americans are projected to spend more money on home renovations in 2023 than they did last year

  • The Better Business Bureau says shady contractors are capitalizing on the lucrative business

  • They say the best way to avoid getting ripped off is to research the contractor and stick to your budget

Unfortunately, shady contractors know it's a lucrative business.

Tom Bartholomy with the Better Business Bureau says vetting contractors is key. He adds that his group's website is a good place to start.

Charlotte may have a lot of contractors, he says, but a lot of them have F ratings on the organization's site.

“You really have to take just a few minutes to check these people out. See what their reviews are on BBB.org. See what the rating is,” he said. “Make sure that they’re properly licensed — we have that on our website as well.”

As a rule of thumb, Bartholomy says get multiple quotes from different contractors, request everything in writing and when you finally decide on a contractor, get clarity on which projects you should prioritize in the beginning.