Home Improvement 101
Home improvement is a huge industry that includes the sale of building materials, appliances, and decor, as well as the construction, alteration, and repair of residential and non-commercial property. It also includes the installation, replacement, and improvement of driveways, sidewalks, swimming pools, patios, landscaping, fences, porches, garages, and basements. Home improvements can be as simple as changing door or cabinet knobs, as elaborate as a total kitchen renovation, and as large as adding an addition to the house.
A common reason homeowners undertake home improvements is to add value to the property, which is achieved by increasing the marketability of the dwelling. This may be done by making changes that appeal to the broadest range of potential buyers. The best way to do this is to make sure any new projects are consistent with the style and character of the existing home. A poorly executed remodel can actually decrease the marketability of a home, rather than increase it.
Other reasons for home improvements include upgrading to more energy efficient technologies, or simply making the living space more enjoyable by updating fixtures and amenities. In many cases, these kinds of projects are relatively inexpensive and can be completed by the homeowner. For example, replacing outdated fluorescent light bulbs with more energy efficient LEDs is a quick and inexpensive way to improve the lighting in a room.
The home improvement industry has experienced excellent growth in recent years. This is due to a number of factors, including rock-bottom interest rates and the fact that consumers are spending money to improve their homes before they put them on the market. Homeowners are also recognizing the long-term benefits of home improvements, such as increased energy efficiency and decreased utility bills.
Before undertaking any major home improvement project, it is a good idea to consult with a real estate professional. They can advise you on the current market trends and help you determine which types of projects will have the greatest return on investment when it comes time to sell.
Some home improvements are so important that they cannot be delayed. For example, if the roof is leaky or the electrical system is outdated, they should be addressed immediately to prevent damage and to avoid costly repairs in the future. Likewise, if the siding on the home is damaged, it should be replaced as soon as possible to avoid water infiltration and mold problems. Finally, any improvements that are necessary to ensure the safety and health of family members should be made as soon as possible. This is especially true for issues such as faulty wiring or lead paint. It is recommended that any company or individual performing home improvement work have a license issued by the Maryland Home Improvement Commission (MHIC). This ensures that they are reputable and will stand behind their warranties. In addition, a written contract should be required before any work is performed and payment made. The contract should clearly state the price and all terms, including a deposit not to exceed 1/3 of the total cost.