Home improvement is the repair, maintenance, restoration, remodeling, and conversion of residential real property to improve its function or add value. Home improvement can be done by individuals or through a contractor. The industry includes a wide variety of retail and wholesale operations selling building materials, appliances, decor, and other items used in the improvement of homes and gardens. It also includes the construction and installation of new home components, such as windows, shingled roofs, and fences.
A growing number of homeowners are opting to stay put and renovate rather than relocate or buy a new home. According to Houzz, the home improvement market has shown excellent growth in recent years. Many people are looking to improve their living space or make the house more functional for their families, while others want to increase the resale value of their property.
The popularity of television shows that demonstrate how to perform certain tasks, such as putting in a new kitchen or bathroom, has contributed to the growth of the home improvement industry. However, it is important to note that not all home improvements will add value to a property. In fact, some could actually have a negative impact on resale values. The more customized a project is to an individual’s tastes, the less likely it will be to appeal to a broad range of buyers. For example, adding expensive marble flooring to a bathroom may not be attractive to someone on a tight budget.
It is also important to remember that home improvement projects are not tax deductible. To qualify for the tax deduction, a renovation must add value to a property or adapt it for use in a different way. A repair, on the other hand, simply restores a property to its original condition.
Regardless of the reason for your home improvement project, it is important to plan carefully and understand the costs involved before starting any work. It is also wise to obtain multiple estimates from contractors before making a decision. Prices vary widely, but they also differ in quality and reliability. In addition to price, consider a contractor’s experience, reputation, and length of time in business.
When choosing a contractor, it is important to choose one who is licensed and insured. A license shows that the contractor has met state requirements and is qualified to perform home improvement work. In addition, insurance protects the homeowner in case of injury to workers or damage to property.
It is also a good idea to establish a contract with the contractor. This should include a timeline for the work to be completed, a payment schedule, and as much detail about the project as possible (such as types of materials or brands). New York law requires contractors to provide a written contract for home improvement work. The contract must also clearly state the agreed upon price. It is also required that the contractor withhold any final payments until the work has been completed and all inspections and certificates of occupancy have been received.