Home improvement is a general term that encompasses many types of renovations and upgrades. It includes everything from painting, roofing, flooring, and carpeting to major kitchen and bathroom overhauls. Some projects are designed to improve aesthetics, while others are aimed at increasing home value or functionality. Regardless of the goal, it’s important to understand that not all home improvements will yield the same result. For example, the return on investment for a sparkling new bathroom is likely to be much higher than that of a new driveway or patio cover. This is because the former will be seen as a luxury feature while the latter may be considered an essential service that would be expected by any prospective buyer.
In addition to aesthetic considerations, it’s also important for homeowners to think about how certain home improvement projects might impact the marketability of their property. For instance, a kitchen or bath renovation that is highly customized and does not match the taste of most buyers could have a negative impact on how quickly a property sells. In contrast, a kitchen or bath upgrade that is in keeping with the style of most homes in a particular neighborhood can be a great way to attract prospective buyers.
The home improvement industry is expected to experience a decline in 2023 due to stalled sales and mortgage refinancing, as well as rising labor and supply chain costs. However, the National Association of Realtors predicts that consumers will still be interested in renovating their homes for comfort and enjoyment, as well as to add curb appeal.
While the majority of homeowners are not professional contractors, most do have some level of DIY expertise. As a result, they will often perform many of the tasks required to complete home improvement projects themselves. This can save time and money, and can help ensure that the final results are as expected. However, it’s always recommended that homeowners obtain estimates from several different contractors before beginning any work. This will ensure that they are receiving the best price and quality of work.
Whether a homeowner hires a professional contractor or does the project themselves, a written contract should be drawn up to document the terms of the agreement. The contract should contain a description of the work to be performed, along with any materials and equipment to be used. It should also specify the date when the work will begin and when it will be substantially completed. It is a good idea to include details about any warranties provided for the work performed.
In addition to a written contract, homeowners should be sure to check the license and insurance of any contractors before hiring them for a home improvement project. It is also a good idea to seek out contractors who are members of a trade organization and/or have business references. This will help to ensure that they are qualified to perform the work, and will be able to stand behind any warranties or guarantees offered.