Home improvement refers to a broad range of activities, from minor repairs and upgrades to major renovations and additions. These projects can significantly improve the livability of your home, increase its value, and help you get a return on investment.
Project Cost vs. Value
The value of a home depends on its location and neighborhood, so it’s important to do your research before starting any renovation. Look at comparable homes in the area to determine what upgrades will be most desirable for potential buyers.
Before beginning any renovation, it’s important to have a detailed plan for the work that needs to be done. This will help you ensure that the project stays on budget and that it is completed correctly.
If you’re not a DIY-er, consider hiring someone to do the work for you. This will help ensure that the work is done to your exact specifications and will also save you time and money in the long run.
Home improvement contracts are legally required to contain several important details. They must include a description of the work to be performed; the materials to be used; and dates when the performance of the home improvement will begin and finish.
The contract must also include any warranties that the contractor is offering for the materials and workmanship. This information is crucial to protect you in the event of a dispute later on.
Insurance and Licensing
A home improvement contractor must be licensed and insured to perform the work. They are screened for criminal convictions and must pass a test on home improvement law and general business competency. The license number should be prominently displayed on the contractor’s business card.
Depending on the state, home improvements may also be considered as a tax-deductible business expense. Check with your accountant to see if this is possible for your specific situation.
In New York, a home improvement project is subject to sales tax unless the contractor has a certificate of capital improvement. To obtain this document, you must file a Form ST-124 with the New York State Department of Taxation and Finance. The documents must be kept for a minimum of three years.
Construction of an Addition
Many homeowners choose to add onto their existing homes. This can include adding an extra bedroom, bathroom or living space. While these projects can be fun and exciting, they can often be expensive. If you decide to do this, it’s best to make sure that your new addition will serve the needs of your family.
A common way to increase a home’s value and energy efficiency is by installing a smart thermostat. This can save you a lot of money on your monthly utility bills and will make your home more comfortable for your family.
Other energy-efficient home upgrades include replacing old windows with energy-efficient ones, insulating your attic and improving the ventilation in your home. These upgrades will pay for themselves in the long run and can even help you recoup some of your costs if you sell your home in the future.