Home improvement, also known as home renovation or remodeling, is the process of renovating and updating an existing home. This can include kitchen and bathroom remodels, additions, garages, basements, and other exterior or interior projects. The goal of most home improvements is to make a house more comfortable and attractive, while increasing its value.
The home improvement industry has experienced excellent growth results in recent years and is expected to continue to grow in 2023, especially as consumers focus on upgrading their homes to be more energy efficient and safe. The industry includes the sale of building materials, appliances, and decor, as well as contractors and laborers who perform work on residential properties.
When deciding on a home improvement project, homeowners should consider the resale value of their home as well as their own comfort level and skill set. Certain upgrades, such as a new bathroom or kitchen, will increase resale value more than others, such as adding an additional bedroom or finished basement. Buyer preferences vary from market to market, so homeowners should try to anticipate what buyers will want in their area.
If hiring a contractor for a home improvement project, consumers should get all contract terms in writing. The contract should state a timeline for when work will be completed, a payment schedule, and any specifics about materials, such as brands or types. It should also contain any warranties that may apply. According to New York law, contractors should also have their name, address, and MHIC license number preprinted on the contract.