Construction and home improvement are the business sectors that deal with the construction of a building or home. This includes the sale of building materials, appliances and decorations as well as the work done by contractors and tradespeople who help in the construction process. This market has achieved excellent growth results in recent years and is expected to continue to do so in 2024, according to the JCHS.
Remodeling, renovating, repairing, restoring, modernizing, moving or demolishing the whole or any part of a residential or non-commercial property are considered home improvements. They may also include installation or replacement of driveways, sidewalks, swimming pools, terraces and patios, landscaping, fences, garages, basements and basement waterproofing. Other examples of home improvements are the installation of fire protection devices, water softeners and heaters, insulation installation, wall-to-wall carpeting and attached or inlaid floor coverings.
Home renovation projects and home improvements are not the same. While renovations may make a house more attractive or functional, they are not the same as adding value to the home. In fact, only a small percentage of home improvement projects actually add value to the property and return the original cost in full.
Before hiring any contractor, check their licensing and insurance. You should also know your local permit laws and regulations. For instance, if you hire someone that isn’t licensed to do work on your property, you could get in trouble with your local code enforcement department. Moreover, you should always request an estimate for the work and establish a payment schedule. Lastly, never pay the entire cost upfront.