Home improvement is the business of providing renovation and remodeling services to improve the functionality of residential spaces. The industry encompasses the sale of building materials, appliances, decor and other home enhancements, as well as the hiring of contractors and tradespeople to perform construction or repair work. Home improvement has become a popular pastime for many Americans, and is expected to continue growing in the coming years.
Many homeowners are renovating their existing homes instead of purchasing new ones. This is a great way to save money, and also allows them to stay in their current neighborhoods. The benefits of home improvements include increased curb appeal and resale value. However, not all renovations increase resale value and some may actually detract from the overall value of the house. It is important for homeowners to know which home improvements will increase resale value, and which projects should be avoided.
The most popular home improvement projects include adding a bathroom, kitchen or bedroom, according to the National Association of Realtors. However, the value of a property may be significantly affected by the quality and location of the home. In addition, there are other ways to add value to a property, such as lowering utility bills. A new energy-efficient furnace, water heater or insulation could help reduce heating and cooling costs, saving money for the homeowner in the long run.
It is important to budget for any type of home improvement project. Many homeowners tend to overspend when completing a home improvement project, and this can cause financial difficulty down the road. It is recommended that homeowners consult with a financial planner to determine the best approach for financing their home improvement project. Personal loans, credit cards and home equity lines of credit are some options for financing home improvement projects.
One of the most common mistakes that people make is choosing expensive materials without considering the total cost. This can lead to a project going over budget, and it is often not possible to complete the entire renovation within the original scope. It is important for homeowners to consider all of the options when selecting materials, and it is recommended that they compare prices as well as quality.
It is crucial for homeowners to hire a contractor who is licensed and insured. The contractor should provide a written contract before starting any work. The contract should contain a schedule, a payment schedule and specific details about the project, including types of materials and brands. In addition, the contractor should have a Maryland Home Improvement Commission (MHIC) license number preprinted on the contract. Consumers should avoid any contractor that does not have a valid MHIC license number.
Many homeowners are hesitant to allow home improvement professionals into their homes because of the coronavirus pandemic. However, it is important to remember that most contractors will wear masks and take safety precautions when entering your home. It is also a good idea to ask for references before hiring a contractor.