Home improvement is a broad term for a variety of projects that add value to a house and/or improve its aesthetic. These projects can range from simple DIY sprucing to major remodels. Regardless of the scope, all projects should be completed with consideration to the property’s style, function and safety.
When it comes to home improvements, there is no shortage of ideas. However, not all are worth the investment. A few key factors help to determine if a project is worth the effort, including return on investment (ROI), time commitment and complexity.
Many homeowners take on DIY projects with the help of a handyman or general contractor. Those who choose to do so should ensure that the contractor is insured and licensed in the state of New York. In addition, they should verify references and request a copy of the contractor’s insurance certificate. It is also important to establish a payment schedule, withhold final payment until the work is completed and obtain all required inspections and certificates of occupancy.
Although the home renovation industry grew over the past three years, according to the Joint Center for Housing Studies of Harvard University (JCHS), revenues are projected to decline in 2024 due to stalled housing sales and mortgage refinancing. In addition, a high cost of labor is adding to remodeling costs. To offset these challenges, homeowners should prioritize projects that are urgent and will save money or prevent damage in the future. For example, a quick fix such as sanding a rough patch or sealing drafts should be done before more complicated projects like replacing windows and adding a deck.