Home improvement is a large segment of the construction industry that involves the renovation, repair and remodeling of homes. This market includes the sale of building materials, appliances and home decor products. In addition, this market encompasses the activities of contractors and handymen who perform home improvement tasks.
For homeowners who are not skilled at DIY projects, hiring a contractor is often the best option. This can save time and effort, as well as ensure that the work is performed correctly. When searching for a contractor, be sure to select one who is licensed, insured and has references.
Many homeowners embark on home improvement projects with the ulterior motive of boosting their home’s resale value. They may dream of a state-of-the-art kitchen or a finished basement. But what homeowners often fail to consider is that not all home improvements add value.
In fact, some home improvements even decrease a home’s resale value. That’s because buyers are usually looking for similar upgrades in a given neighborhood. For example, adding a marble bathroom could make your house stand out from the rest but it might not appeal to the majority of buyers.
It’s important for homeowners to know what home improvements will give them the highest return on investment. This will help them choose the right upgrades and avoid overspending or going into debt with their renovation. In New York state, labor costs are tax-exempt for home improvement if it’s considered a capital improvement. However, this definition differs by state so it’s always best to check with a CPA first.
