Home improvement is generally defined as any renovation that increases the value of your property. This includes but is not limited to things such as painting, resurfacing your driveway or walkways, installing decks and porches, adding windows, doors, landscaping, pools, sheds and much more. Home improvements are often considered tax deductible in some states, such as New York.
Although homeowners have reduced their remodeling activities during the pandemic, spending on improvements is still rising. According to the American Housing Survey, homeowner spending for home renovations rose by $522 billion between 2017 and 2019. People who are 55 and older are the biggest driving force behind this spending, as they’re most likely to have enough money saved to invest in their homes.
The most popular home improvement projects are those that make your house more functional and comfortable to live in. For example, updating your kitchen with new cabinets and countertops is a great way to increase the value of your home and make it more appealing to buyers when you’re ready to sell. Adding extra living space by finishing a basement or building a deck is another popular way to add more square footage to your home and enhance its livability.
It’s important to choose a reputable contractor for any home improvement project. Be sure to get a written contract before beginning any work and ask for a detailed timeline, payment schedule and as many specifics about the project as possible, including types and brands of materials. You should also check your contractor’s license and insurance before hiring them.