Home improvement refers to various types of work that a homeowner or landlord undertakes to improve their property. The purpose is usually to increase the value of the property or make it more suitable for living. In addition, it is common for homeowners to renovate their homes in order to feel more comfortable and happy with them. However, it is important to keep in mind that not all home improvements are worthwhile and may even cause damage or result in a loss of income.
As COVID-19 and other factors weighed on households in 2021, they turned to their homes for comfort. This was evident in the growth of home improvement market spending that year. This increase was driven by middle-income households doing moderately priced projects. The growth in this sector continued into 2022, even as households returned to their pre-pandemic routines.
The most popular home improvement projects include kitchen renovations, bathroom remodels, and adding new windows. Many of these projects have a high ROI, and it is possible for homeowners to complete them themselves. Homeowners can also save money by hiring a contractor for low-cost projects such as repairing leaky faucets and replacing worn doorknobs.
It is recommended to consult with a licensed attorney before entering into any type of contract. An attorney can review the contract for important items such as a detailed scope of work, payment terms, and an indemnity provision. The attorney can help the homeowner avoid many of the potential problems that can occur during a home improvement project.