Home improvement is the repair, maintenance or renovation of residential real estate. This includes painting, repaving the driveway, adding a deck or porch, putting in a garden, installing a fence, renovating a kitchen or bathroom and other types of interior and exterior work. It also includes fixing or replacing worn items, such as doorknobs, faucets, carpeting and wallpaper.
Many homeowners spend money on a variety of home improvements that they think will increase the value of their homes when it comes time to sell. However, it’s important to know which projects will add the most value, and how much return you can expect when it’s time to list your home for sale.
The most popular home renovations include sparkling bathrooms, new kitchens and finished basements. However, these projects don’t always deliver a high return on investment. In fact, according to a Cost vs. Value report by Zonda Media, some remodeling projects actually reduce a home’s value.
To make sure that you are making the best home improvement decisions, it is important to understand the ins and outs of each project and what you can reasonably expect to pay from professional contractors. In addition, it is a good idea to familiarize yourself with the state regulations and laws that apply to home improvement projects. For example, in some states, it is required that all contracts for home improvement work contain the name of the person or company that will perform the improvement, a description of the materials and their cost; the approximate dates when performance of the work will begin and be substantially completed; and any warranties that are provided to the consumer.