Home improvement covers a wide range of projects, including renovating, remodeling, and updating your space. The industry also includes the sale of building materials and equipment, as well as services provided by contractors and tradespeople. Home improvements are often done to increase a home’s value, but they can also make it more comfortable or functional. However, not all improvements will pay off in terms of a higher return on investment when it comes time to sell.
Many people are taking advantage of low interest rates to invest in home improvement, and the COVID-19 pandemic has encouraged many to get projects underway. But a new report finds that not all renovations will add to a home’s resale value. The most popular home improvement projects are sparkling bathroom overhauls, followed by big-ticket kitchen and basement renovations. However, homeowners only receive a 60% return on these investments, according to the latest report from Contractor Growth Network.
In New York state, the material cost of home improvements are tax exempt if you have documentation that it is a capital improvement. This can be obtained by filing with the Department of Taxation and Finance. However, each state has its own definition of capital improvements so check with a certified CPA first.
Many home improvement companies operate out of a commercial location, are locally owned and operated, and employ their own workers. They are usually reliable, competitive in price and stand by their warranties. They are often licensed by the Department of Consumer Affairs and have a good track record.
