Home improvement refers to any remodeling project that makes your house more functional and pleasing to live in. It could include adding a room, converting a garage into living space or installing new kitchen appliances. However, there are a few important things to remember before starting any home improvement projects. First of all, you should always get a written contract from the contractor. This will prevent any misunderstandings or disagreements later on. Also, make sure the contract describes exactly what work will be done and the materials that will be used. You should also ask about any warranties that the company offers.
Many people renovate their homes with the hopes of increasing their resale value or making their home more comfortable to live in. But jumping into a renovation without a plan or budget is often a recipe for disaster. It can lead to unnecessary expenses or a home that doesn’t add much value to the neighborhood. Fortunately, there are many ways to improve your home without spending a lot of money or going into debt.
One of the best home improvements you can do is to paint your house. Taking the time to repaint your exterior and interior walls can make a huge difference in how your home looks and feels. It’s also a great way to get rid of mold and mildew, which can be very dangerous to your health.
Another great home improvement is to replace your old flooring with hardwood floors. This can make a huge difference in the look and feel of your home, and it’s a simple way to increase your home’s value. Just be sure to choose a durable hardwood that will hold up to wear and tear.
Home improvement spending has surged since 2010, when it hit a low during the recession. According to the Harvard Joint Center for Housing Studies, homeowners 55 and older are the major force behind this trend. Rock-bottom interest rates are making home improvement projects more attractive, and the desire to make a house more functional for retirement is a big driver as well.
The most popular home improvement projects involve fixing up the bathroom and the kitchen. These are the rooms in the home that tend to see the most return on investment when it comes time to sell. Other popular projects include putting in a deck and building a fence.
Choosing the right upgrades is critical to a successful home remodel. You want to avoid high-end renovations that may not appeal to a wide range of buyers. For example, a fancy marble bathroom may not be appreciated by someone looking for a modest-priced home. Similarly, a custom-built swimming pool in your backyard may not appeal to the majority of potential homebuyers.
Before you start any home improvement projects, talk to a real estate agent in your area about which renovations will actually add value to your home and which ones to skip. Also, it’s a good idea to speak with an accountant about tax deductions for home improvements. You may be able to claim the labor costs as a deduction, but each state’s rules are different so it’s best to check with your CPA.