The Home Improvement Industry is Booming – Here’s What You Need to Know
Home improvement is a very popular industry and has reached excellent growth results in recent years. It includes the sales of building materials, appliances, decor, as well as services offered by contractors and tradespeople who help consumers renovate and enhance their homes.
Many people have seen a boom in their home remodeling budgets during the COVID-19 pandemic, but it’s important to consider the ROI of a given renovation. Some projects, such as kitchen or bathroom remodeling, are more likely to increase a property’s value while others, like adding a pool or deck, can be a financial disaster.
The best home improvements will not only add more comfort and beauty to your living space, but they can also boost your property’s resale value. The most popular and cost-effective renovations include paint, flooring and kitchen and bath updates.
If you’re not sure which renovations will yield the highest resale return, it’s worth evaluating your neighbors’ homes to see what upgrades are most desirable. It’s also a good idea to consult with your real estate agent before breaking out the hammer.
It’s important to get all contracts for home improvement work in writing and signed by both parties before any work begins or money is paid. Maryland’s Home Improvement Law requires that all contract documents have the contractor’s name, address and MHIC license number preprinted. Avoid any contractor who does not have this information on file. The contract must contain details about any warranties offered for the work being performed.