Home Improvement – What Is It?
Whether you are planning a renovation, adding an addition, or performing repairs, you need to find a licensed contractor. If you engage in “home improvement” without a license, you could be subject to fines from $500 to $5,000.
In many states, you must obtain a contractor’s license before you can perform any work. If you plan on hiring a subcontractor, they must also be licensed.
If you hire a contractor, make sure you check their license, insurance, references, and referrals. You should also have a written contract that spells out the scope of work and the timeline. You may want to have an escrow account for the job. This account can be used only for the work until it is completed.
Home improvement can include any type of renovation or installation. Examples include painting, siding, insulation, resurfacing of pavement, installing a garage door, and more.
The most popular categories of home improvements are those related to exteriors. For example, the number of people building decks and fencing has increased by over 275%. Another major category includes landscaping.
The entry of new players into the market has caused competition to rise. Major vendors compete on price and differentiation. In addition, there is now a segmented DIY home improvement market.
The average price of a home improvement project is higher than it has been in the last seven years. The majority of homeowners are actively engaged in a home improvement project. However, one in ten homeowners has canceled a home improvement project for 2022.