Home improvement involves renovating existing structures to make them better serve their intended function or fulfill new purposes. The practice can apply both inside and outside a house; for the exterior, it usually involves adding or altering elements such as doors, windows, and siding, while interior home improvements might include alterations to floors, walls, roofs, electrical systems, or electrical switchboards
Homeowners sometimes undertake home improvement projects to increase the resale value of their property, but many do not deliver an increase. Before beginning any home improvement project, it is crucial that homeowners clearly understand which improvements add value versus which do not.
Kitchen remodeling may boost the resale value of your home, while installing an outdoor swimming pool won’t. Home improvements that boost energy efficiency such as installing a heat pump, new windows or increasing insulation may prove more profitable investments – cutting utility costs while saving money over time.
One trend driving home improvement spending has been rock-bottom interest rates. These have encouraged homeowners to borrow against their equity to pay for improvements. Another factor contributing to home improvement spending are baby boomers with more disposable income who are keen on maintaining comfort within their own homes.
According to the American Housing Survey, homeowners have completed over 115 million projects over the past two years, most of them repairs and maintenance tasks rather than renovations. Some were urgent – like fixing a leaky roof or replacing an inefficient furnace – while others may be cosmetic: installing a new front door or painting their house.
Home improvement contractors should have both proper licensing and insurance. Homeowners should verify references from previous customers thoroughly. Furthermore, it’s crucial that homeowners create a budget for the project prior to beginning work; final payments should not be released until all work has been completed and all necessary inspections and certificates of occupancy have been granted.
Reputable contractors should always be able to provide references from past clients. Furthermore, they should offer you a written contract for home improvement work with timeline and payment schedule information as well as specifics such as types or brands of materials used for the project. Homeowners should prepare to put down a deposit of at least 1/3 of the total contract cost while still being open to negotiation regarding other terms with their contractor.
