The Home Improvement industry encompasses the sale of building materials and appliances, as well as services provided by contractors, tradespeople and workers who help to install, remodel or repair a house. The industry experienced significant growth during the COVID-19 pandemic, with consumers focusing on renovating and improving their homes.
Many homeowners renovate their houses with an eye toward increasing their resale value. However, it’s important to consider your own comfort and enjoyment before embarking on a major project. Renovating solely based on what will attract buyers may leave you with a showplace that doesn’t feel like a home.
Another common renovation is the addition of new bathrooms or kitchens. A modern, well-appointed kitchen or bathroom can add a lot of value to your property. However, it is important to note that some improvements do not add value, such as a backyard swimming pool if other homes in your neighborhood do not have one.
In addition, it is always wise to make sure that the work performed is in accordance with the local housing codes and that any necessary permits have been obtained. Before hiring a contractor, ask for references and find out whether they have the appropriate insurance coverage, such as liability and workers’ compensation. Also, New York State law requires that a contract for home improvement contain a description of the work to be performed, a payment schedule and as much specificity as possible regarding the materials to be used (e.g., brand, color, size and style).