Home improvement is any work that enhances a house, condo, or townhome. It includes renovations and repairs to improve the function of a house, such as painting, fixing plumbing problems, adding insulation, and upgrading appliances. Home improvements also include building additions and other structural changes to increase living space. Other types of home improvement can include landscaping, paving the driveway, and putting in a fence.
The most common home improvement projects are bathroom and kitchen remodels, which can add value to a house. Another popular home improvement is adding an extra bedroom or bathroom, which can accommodate a growing family. An attic conversion is another way to increase living space.
While many homeowners may want to update their homes to increase their resale value, it’s important to consider whether any changes will make your home unappetizing to buyers. For example, installing unique lighting fixtures that appeal only to your own personal taste can detract from the value of your property. It’s also a good idea to choose upgrades that are consistent with the style and values of other homes in your neighborhood.
Some home improvements can be tax deductible, but it’s important to consult with a tax professional before making any major purchases. In New York State, for example, you may be required to pay sales tax on the labor cost of home improvement projects unless the contractor provides documentation that it meets the definition of capital improvements. In that case, you can be exempted from paying the tax on the materials alone.