Home improvement refers to the renovation, alteration, decoration, or repair of a residential home or noncommercial property. It also includes the addition of new rooms, fixtures, and appliances. Home improvements are a popular way to increase the value of a home, make it more comfortable to live in, and customize it to one’s liking. The home improvement industry has seen strong growth in recent years. It has been driven by an increasing number of homeowners who are willing to spend money on improving their homes, as well as by a large population of baby boomers who are entering retirement and have the financial means to make renovations.
It is important to know which home improvements will add the most value before starting a project. Some projects will be more costly than others, and some may not even yield a return on investment. Keeping this in mind, it is essential to have a budget for the project and stick to it. This will help you avoid overspending and ensure that the project is completed in a timely manner.
A homeowner’s best bet is to hire a licensed contractor for any work that needs to be done on their home. A license will guarantee that the contractor has insurance, which covers any damage to the home or injuries to workers that might occur while performing the work. The contractor should also have valid references from previous customers that can vouch for their quality of work and reliability.
Another thing to keep in mind is that it is best to renovate a home for the sake of the owner’s comfort and enjoyment, rather than based on how much the home will improve in resale value. If you do it solely for resale value, you might end up spending too much and not getting the returns you want from the project.
If you do plan on selling the home at some point in the future, it is a good idea to talk to a realtor about which renovations will provide the best return. Some common home improvement projects that have great ROI values include bathroom overhauls, kitchen upgrades, and adding a master suite.
It is essential that any agreement for home improvement services be in writing and signed by both the consumer and contractor before any work begins or money is paid. The contract should specify the timeline for when work will be completed and contain as many details as possible about the project, including the types and brands of materials that will be used. It should also have the contractor’s name, address, and MHIC license number preprinted on it. If a contract does not have these details, it is not legally binding. In addition, the homeowner should verify that the contractor has a valid and current MHIC license before hiring them.