Home improvement is a vast industry that includes the sale of building materials, furniture, appliances and decor to consumers as well as the installation of such products by contractors and other professionals. This market also includes the promotion and marketing of such products as insulation, energy efficient windows, heating and cooling systems, etc.
The Home improvement industry has seen excellent growth results in recent years. However, the COVID-19 pandemic may have impacted consumer spending in this sector.
When deciding to undertake a home improvement project, it is important for homeowners to consider the value of such projects in relation to their current and future home ownership goals. Additionally, homeowners should research potential contractors and always seek reputable references before hiring someone to perform work on their home.
Keeping on top of home maintenance is an important way to increase your home’s value. Regularly cleaning gutters, painting trim and doors and scrubbing the siding will improve the look of your home and help it retain its value.
It is also important for homeowners to maintain detailed records of any improvements they make to their homes, especially if the improvements are done by professional contractors. By maintaining a file of receipts and contracts, homeowners can prove the expenses of their projects in case they are audited by the IRS. It is also helpful for homeowners to take pictures before and after the projects are completed to document the changes. This documentation can also be used to claim tax deductions on expenses associated with the project.