What Is Home Improvement?
Home improvement is the renovation, repair, remodeling or alteration of the interior and/or exterior of a residential building. It includes the addition of rooms or floors, alterations to an existing structure, and the installation of new fixtures, appliances, lighting, paint and other similar materials. It also refers to a variety of other projects that improve a home, including installing an alarm system and making energy-efficient upgrades.
Homeowners are always looking for ways to increase the value of their property without spending a fortune. However, not all upgrades will be worth the investment. The key is to choose improvements that will appeal to the widest range of potential buyers. Those that focus on the kitchen, bathrooms and energy-efficient appliances are typically good choices.
While luxury upgrades may be appealing to some buyers, they will not necessarily add resale value. In addition, homeowners should avoid over-improving their homes, which can deter or turn off a lot of potential buyers.
Be sure to hire licensed contractors for any home improvement work. Using the services of an unlicensed contractor could lead to fines or even legal action. In addition, homeowners should make sure that all contracts with contractors include a payment schedule and as much detail as possible about the project. In addition, the contractors should be insured and carry liability insurance for any damage caused during a job. Each state has its own definition of home improvement, so check with your CPA or the Department of Taxation and Finance for specific details.