Home improvement is the industry that involves the construction, renovation, and repair of residential buildings. It encompasses a broad range of projects, from improving or repairing kitchens and bathrooms to adding rooms and upgrading a home’s energy efficiency. Home improvements can increase a home’s value and improve its function, but it is important to choose the right projects and materials for your needs and budget.
During the pandemic, homeowners spent more time at home and turned their attention to making upgrades. While this spike in home improvement activity benefited contractors and home-related retailers, it didn’t necessarily increase resale value. In fact, the majority of surveyed homeowners who renovated during the pandemic did so to make their homes more enjoyable and comfortable while they were living there, not because they wanted to sell it.
When you do decide to upgrade your home, it’s best to focus on low-cost changes that will make a significant difference in your everyday life, such as refreshing shower areas, laying new flooring or fitting new countertops. Avoid high-end upgrades that won’t add resale value, such as marble flooring in a bathroom or turning a garage into an additional bedroom.
A quality contractor should be able to provide you with detailed project estimates. The estimate should include a schedule of work, a payment schedule and as many specifics as possible (such as brands or types of materials). New York law requires that contractors obtain a deposit of no more than 1/3 the contract price.