Home improvement, home renovation, or remodeling is the process of improving the interior and/or exterior of a house. This can include, but is not limited to: building or adding on rooms, installing furniture, paint and/or wallpaper, landscaping, renovating a kitchen or bathroom, and adding or modifying driveways and decks. Home improvements can be carried out for a variety of reasons including increasing the comfort and safety of a living environment, making a property more attractive or livable, or to improve its value.
Although the COVID-19 pandemic drove homeowners to upgrade their homes, it wasn’t the only motivation. According to the National Association of Realtors (NAR), 83% of people who renovated their houses during the pandemic did so for other reasons such as making their home more livable for them and their family, fixing problems before they became worse, and upgrading worn-out surfaces and materials.
Whether or not a project will add value to your home depends on several factors, including cost, your timeline, and the type of work being done. The highest-return projects are typically those that make your home more livable for you and your family and may also qualify for tax credits. Examples include installing walk-in tubs, grab bars, and smart monitoring systems that alert you to water leaks or a potential COVID-19 outbreak.
Before starting any work or making payments, be sure to get a written contract from your contractor that clearly states all aspects of the project. DCWP has a model contract you can use that covers everything from prices, payment and work schedules to scope of work and a detailed description of all the materials and equipment that will be used.