Home improvement is the process of updating or changing the appearance of a home. A home improvement project can include anything from exterior upgrades to repairs.
If you are considering making any major improvements to your home, you should consult with a licensed contractor before beginning any work. Using an unlicensed contractor can be expensive, and may be in violation of the law. There are a number of statutes that allow imprisonment and fines for engaging in “home improvement” without a license.
Typically, home renovation projects are tax-deductible. However, depending on your particular state, you can only deduct the costs of your improvement in the year of your home’s sale.
Before deciding to engage in a home improvement project, you should check with your local CPA or department of taxation and finance. You should also verify the contractor’s insurance and references.
Major home improvements can increase your home’s value. They must be designed to enhance the function and longevity of your home. For example, a new front door can add a lot to your home’s aesthetics, but it won’t add much to its resale value.
Major home improvements typically require a long lead time. It’s important to get the work done right the first time, or your renovation project could be a bust. The best way to avoid that is to do your research. Start by searching online for a definition of home improvement in your state.
You can also read home improvement pamphlets. These pamphlets provide important information about the home improvement business.