Home improvement is a large and varied industry. It encompasses all aspects of residential and commercial renovations and remodelling. It also includes the installation of fixtures, appliances and decor. The industry is primarily driven by the need to upgrade and repair older homes, but it can also be spurred by a desire for more comfort or convenience.
Many homeowners undertake home improvement projects to increase the resale value of their property. However, it is important to consider how much return on investment a project will actually provide before embarking upon it. Additionally, it is vital to research and compare different contractors before making any final decisions.
A variety of methods can be used to finance home improvement projects, including using savings, taking out a personal loan, or even tapping into equity in the house. It is recommended to plan a budget for the project and stick to it. This will help to avoid accumulating debt and will ensure that the project can be completed in a timely manner.
It is also a good idea to maintain detailed records of all home improvement expenditures, including invoices, work descriptions and costs. This will be helpful in the event of an IRS audit. It is recommended to use a dedicated folder to store receipts and documents for each project. The folder should include images of the project before and after, as well as a running total of expenses. It is also recommended to make copies of all contracts, licenses and insurance documentation for each contractor.