Home improvement is the repair, maintenance or restoration of residential real property, including the installation of floors, windows, doors, roofs, and fences. Other types of home improvement include painting, wallpapering, and staining or refinishing furniture. There are many reasons to renovate a house, from improving the home’s appearance to increasing its value to making it more functional for the current owners.
However, the decision to remodel should not be based solely on how much it will increase the home’s value at sale; rather, homeowners should consider their own comfort and enjoyment of the house. If you are remodeling for resale, talk to a realtor about what projects will produce the best return on investment.
The latest figures on home renovation show that household spending on the improvements has risen in recent years, as have housing prices and equity. These factors, along with rock-bottom interest rates, have encouraged a great deal of homeowner improvement activity.
It is important to hire a licensed contractor for all of your home improvement needs. Licensed contractors must pass a background check and criminal history check, pass a test on home improvement law and general business competency and be insured in case of an accident or damage to your home.
It is also a good idea to get references from other homeowners who have hired the contractor you are considering and to make sure they were satisfied with the job. A contract should be written to detail the payment terms and, if necessary, an arbitration clause. Generally, the contractor cannot accept more than 1/3 of the contract price as a deposit, and the parties should negotiate any other terms, such as a payment schedule and/or a guarantee.