Home improvement involves remodeling or upgrading a property to improve its function and appearance. Home improvements add value to the home, and can increase its resale or rental price. Home improvement projects can include anything from a fresh coat of paint to a room addition. However, not all home improvement projects produce the same return on investment. The most important consideration when planning a home improvement project is the amount of money that will be invested in the renovations and the projected return on that investment in terms of increased home value.
If you are considering a home improvement project, it is important to find a contractor that is licensed by New York State. It is also a good idea to obtain references from previous customers and ask for pictures of completed projects. In addition, a contract should include an estimated timeline for work to be done, a payment schedule and as much detail as possible including types or brands of materials used. The contract should also contain the name, address, and MHIC license number of the contractor.
Homeowners are spending more and more on home improvements, and a number of factors are contributing to the trend. These include higher housing prices that have increased the equity of homes, a shortage of new construction and aging homeowners who are more willing to spend money on repairs and renovations. In fact, homeowners age 55 and over were responsible for more than half of all home improvement spending in 2017. Whether you are planning to sell your home or simply want to enjoy it more, these simple, cost-effective renovations can make your house feel like a brand new home.