Home Improvement – What You Need to Know
Home improvement is a broad term that covers a wide range of tasks, from small repairs to major renovations. Home improvement is a growing market and has gained significant popularity in recent years. In addition to improving the look and function of your home, it can increase its value. However, before you start a home improvement project, it’s important to know what the various options are and what you should expect.
One of the first things you should do is decide what you want to improve. This will help you determine the best method to accomplish the goal. Whether you hire a professional or do it yourself, the most important thing is to have a clear and detailed plan. By knowing what you are going to improve and how much it is going to cost, you can avoid any unanticipated expenses and keep the project on budget.
As you start to research home improvement, you may wish to ask questions to experts. They can provide suggestions and help you make your project a success. You can also talk with neighbors and friends who have done similar projects to learn about their experience with the process. If possible, have a written contract outlining the project’s details.
Aside from the obvious improvements you should make, there are also some lesser known, yet still noteworthy, items you should consider. For example, did you know that New York state requires you to obtain a license for any home improvement work you may have? That is because it is considered a capital improvement. Also, you are required to file your project with the Department of Taxation and Finance.
Other key considerations to think about include your insurance coverage, the payment plan, and the contractor’s background. The more information you have about the contractor’s business, the better. Before you sign a contract, be sure to ask for references and check the contractor’s insurance.
In terms of home improvement, the Harvard Joint Center for Housing Studies predicts that spending will be at a peak in 2020 and then fall to a more sustainable rate in the following year. Interestingly, the survey found that while a large majority of homeowners plan to do some home improvement projects themselves in the coming year, only six percent have a complete plan in place.
Another interesting tidbit is that the average spending on home improvement projects increased at a double digit percentage. It was the highest it has been since Angi began tracking the data seven years ago.
In the past couple of months, we have seen the highest year-over-year growth in deck construction and fence installation. These are great examples of the type of improvements that people are planning.
While you may not be able to afford the latest gadgets on a budget, the smartest way to go about it is to invest in energy efficiency upgrades. Those investments can save you money on your utility bills over time and help you enjoy the benefits of a modern home.