Home Improvement – What is it and Why Should You Do It?

Home improvement

Home improvement is the renovation of existing homes or the construction of additions to them. It is a very broad term and can include anything from updating a bathroom to adding an entirely new room. The most common reason for a home improvement project is to add value to the property but it can also be done for aesthetic reasons or to make a living space more functional.

As the housing market struggles and home sales slow, some homeowners are choosing to stay put – renovating, remodeling and upgrading their homes instead of moving. According to the Joint Center for Housing Studies (JCHS), spending on home improvements peaked in 2022 and will begin declining in 2023.

Adding a second bathroom or a family room is a popular home improvement project that will increase function and add value. Depending on the size of your property, this can be a fairly inexpensive project.

Other upgrades that will likely see a return on investment include smart thermostats, solar panels and energy-efficient appliances. These projects can help lower utility bills, while reducing the overall carbon footprint of your home.

When hiring a contractor to perform a home improvement project, it is important to find someone who is licensed and insured. Additionally, it is always a good idea to get references and check with the Better Business Bureau. It is also important to understand the home improvement tax laws in your state. For example, in New York, labor costs are not exempt from the home improvement tax unless you have a document from the Department of Taxation and Finance that defines your work as a capital improvement.

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