Home improvement is a booming business for many reasons, including high home prices that increase equity and the desire of homeowners to renovate their living spaces. However, it’s important for homeowners to know which projects will add the most value and which to skip before jumping in feet first to renovations. A major kitchen remodeling project, for example, will add more to a home’s resale value than replacing carpeting or a deck. Fortunately, experts are available to help homeowners make smart decisions about their next big renovation.
The home improvement industry has reached record growth results in recent years, particularly during the COVID-19 pandemic, and is expected to continue growing at a healthy rate. The industry includes businesses that sell building materials, appliances, and décor items to consumers as well as those that provide services such as construction, renovation, and repair work.
For most people, their home is their biggest investment, so it’s natural to want to make the best improvements possible to protect it. However, some renovations are more costly than they may seem at the time, and others won’t even add any resale value to a home. Before you start any major renovations, consider consulting with a real estate agent in your area who can give you advice about which ones will add the most value to your home.
A well-planned home improvement project is a great way to upgrade your property and create a more comfortable environment for yourself and your family. It is also a good idea to get professional estimates for any work that needs to be done before you proceed with the project. This is especially important if you are working with contractors, as the bids can vary significantly. Getting multiple estimates from different contractors will help you determine which one is the most qualified and experienced.
When choosing a contractor, you’ll need to establish a payment schedule and a timeline for the work. Typically, contractors will require an initial down payment and then incremental payments until the work is completed. It is also a good idea to withhold the final payment until the contractor has provided proof of completion and any required inspections and certificates of occupancy have been issued. In addition, New York state law requires that a written contract is signed for all home improvement work. The contract should contain a description of the work to be performed, the estimated dates that the work will begin and end, and a specific price for the job.
The final thing to keep in mind is safety. Always use caution when performing any home improvement projects, especially those that involve electricity or plumbing. Also, be sure to follow all instructions for any products you are using. Also, be sure to check with your local fire department and building code office before starting any projects that might violate building or fire codes. Finally, never go into debt to finance a home improvement project. Besides costing thousands of dollars in interest, it can also jeopardize your financial security.