Home improvement includes the repair, maintenance, remodeling, restoration and upgrading of residential real property. It also covers the construction, installation, replacement and improvement of fences, sidewalks, driveways, garages, attics, basements, porches, decks, gazebos, patios, landscaping and water features. Residential improvement may be performed by an individual, partnership, firm or corporation. It may include the design, specifications, surveying, planning, goods, services and supervision of a contractor or other person. It does not include new construction or the conversion of commercial structures into residential use.
The COVID-19 pandemic prompted many homeowners to start overdue home renovation projects. But despite this renewed interest in remodeling, industry reports suggest that spending on residential home improvement has begun to slow.
This is due to a number of factors, including rising mortgage rates and the recent drop in home sales. The latter has had a major effect on the industry because new home buyers typically invest heavily in upgrades and repairs right after purchasing a property.
However, it’s important to keep in mind that not all home projects add value and some actually decrease your property’s resale value. Before undertaking any renovation project, make sure to consider the long-term and speak with your Realtor about the best ways to improve your home’s value.
Regardless of the project, it is always a good idea to hire contractors with a strong reputation and extensive experience. When hiring a contractor, be sure to verify their license and insurance and check business references before signing a contract. And remember that a written contract is required by law for any residential home improvement project. It should clearly outline the timeline for work to be completed, a payment schedule and as many specifics about the project as possible, such as types or brands of materials.