Home improvement is work done to repair, upgrade or alter a residential property. It includes a wide variety of renovations and improvements, including installing new flooring, painting cabinets and adding new fixtures. Typically, the cost of such home improvements is tax deductible.
Many people renovate their homes for a number of reasons, including increasing the value of their property, preparing it to sell, or simply making it more comfortable for themselves and their families. However, jumping into a project without a plan or budget can result in overspending, which can put you at financial risk. Moreover, some renovations may not add any real resale value.
Increasing the home’s value ranked as a top priority among homeowners planning to renovate this year, according to a recent report by Houzz. Inflation and tighter budgets, however, are likely to make high-dollar projects difficult for most homeowners in 2023. Fortunately, there are plenty of other opportunities to improve your home’s curb appeal and functionality without breaking the bank.
Before hiring a contractor, it is important to research the company and its work history. It is also helpful to check the contractor’s license and insurance coverage, as well as business references. Finally, always get a contract for any home improvement work. The contract should include the following: