Home improvement is a vast industry that encompasses the sale of building materials, appliances and decor as well as renovation and construction services provided by contractors and tradespeople. The market for home improvement is largely driven by consumers looking to increase the comfort and value of their homes and the need to make repairs due to wear and tear or to address issues such as leaky roofs, outdated kitchens, and electrical problems.
Homeowners have their priorities when it comes to home improvement projects, and not all upgrades are created equal. Some have the potential to boost resale value, while others might actually decrease your property’s overall value. It’s important to choose carefully, especially if you plan to sell your home in the near future.
Whether you’re a new homeowner or have owned your home for years, there are always more than a few projects on the to-do list. While some are minor, others may be bigger than you’d like to tackle on your own. It’s also a good idea to be realistic about your budget and the time you have to complete a project. It might be best to enlist the help of friends or hire professionals who can work within your schedule.
According to the American Housing Survey (AHS), the following are some of the most common home improvements completed by Americans in 2017.
A remodeled bathroom can add more storage, a walk-in shower, and an extra vanity. It can also significantly improve your home’s resale value. However, it’s important to keep in mind that a large-scale overhaul could cost up to $20,000.
The most popular home improvement projects in 2017 included replacing floors and ceilings, installing new cabinets, and adding or replacing a deck or patio. 5.2 million homeowners replaced carpeting, flooring, paneling, and ceiling tiles to update their homes in this area.
While these projects can be costly, they can also yield a high ROI. However, it’s essential to choose the right products and ensure that they are installed properly to avoid costly headaches.
Some home improvement projects just can’t wait. A leaking roof, electrical problems, or a crack in the foundation are just some of the items that need to be addressed immediately to prevent further damage or safety concerns.
When tackling these types of projects, it’s essential to communicate clearly with contractors about any household safety measures that must be followed. For example, you should communicate with contractors about wearing masks and keeping your home clean while working on your house. Also, it’s a good idea to have a written contract with the contractor that includes a timeline for when the work will be done and a payment schedule. By law, New York homeowners must sign contracts for all work performed by a licensed contractor. The contract should include the contractor’s name, address and MHIC license number. A signed copy should be kept for your records. In addition, you should withhold final payment until the contractor has finished all required inspections and has a certificate of occupancy.