Home improvement, also known as house renovation, is the process of making changes to one’s home. These changes can be made to improve the home’s interior or exterior, or both. Some common home improvements include remodeling rooms, adding new rooms or making structural changes to the house itself. Other improvements can include upgrading the home’s electrical system, replacing windows and doors, or installing a new roof.
Many homeowners embark on home improvement projects in order to add value to their property. However, not all improvements are created equal and some may even be detrimental to the home’s resale value. It is important to keep this in mind when planning any type of home renovation project.
Some home repairs and improvement projects simply cannot be put off — a plumbing leak, for example, or a rotting foundation. In these situations, homeowners are often forced to spend more than they planned on home improvement expenses. However, according to a NerdWallet survey, the majority of homeowners who undertook home repair or improvement projects in 2019 did so within their budget.
The most popular home improvement projects involve a change to the interior of the home, including kitchen remodeling, bathroom remodels and additions. These are typically seen as the most worthwhile and valuable projects for homeowners, although they can be quite expensive to undertake.
Another popular option for homeowners is to turn an unused room into a bedroom, such as an attic, basement or garage. This can be a great way to add value to the home, especially if it has an adjacent bath.
More modest interior home improvements include painting, refinishing wood surfaces, and installing new fixtures and lighting. These are usually less expensive than major upgrades and can still have a big impact on the overall look of the home.
Regardless of the scope of any home improvement project, homeowners should always compare contractors before selecting the best one for the job. In addition to price, it is important to consider the contractor’s experience, reputation, and ability to complete the work on time.
Home improvement contractors are required to be licensed in most states, including New York. In order to be licensed in New York, the contractor must hold a general construction license and pass a background check and criminal record review. In addition, the contractor must be insured to protect the homeowner in case of an accident or injury on the job. In addition, the contractor must maintain copies of all permits and inspections for a period of three years. A copy of the permit and inspection records must be provided to the homeowner upon request. The contractor should also provide a certificate of insurance. This document must show the homeowner is covered by worker’s compensation and general liability insurance. Lastly, the contractor must obtain a state tax ID number. This is done by submitting a Form ST-124, Certificate of Capital Home Improvement, to the Department of Taxation and Finance.