Home improvement, also called home remodeling or house renovation, is the process of improving or repairing parts of the home. The industry involves a large number of businesses that sell products and provide services related to home remodeling and repair. It is also an important source of income for many contractors and tradespeople.
The home improvement market has achieved excellent growth results in recent years. In general, this sector benefits from consumers’ desire to invest in their homes. This is especially true during periods of economic hardship, when consumers are more likely to spend money on home improvements.
Adding Value
Most homeowners undertaking a home improvement project do so with an ulterior motive: they hope that the project will increase their property’s resale value. But not all home improvements add value, and some actually decrease resale appeal.
Generally speaking, any improvement that enhances the appearance of a residential dwelling is considered to be a home improvement. This includes painting, landscaping, paving and resurfacing of driveways or patios and construction of decks, porches and gazebos. In addition, a garage or workshop built on the property is also considered a home improvement.
When performing a home improvement, it is recommended that the contractor sign and date a written contract. This contract should include a timeline for the work to be performed, a payment schedule and as many specifics as possible concerning the home improvement (i.e., brand names and types of materials). In New York state, a contract must contain a mandatory arbitration clause and disclose that any claim against the contractor is subject to arbitration.