Home improvement, also known as home renovation or remodeling, is the process of improving the interior or exterior of a building. This includes everything from adding a new bathroom or kitchen to updating an older bedroom or living room. The home improvement industry is a multibillion dollar business that encompasses the sale of materials, furniture, appliances and decor for DIY projects as well as contracting services for professionals.
Experts say that in 2023 homeowners will focus on making repairs — particularly those related to water damage — and on updating their homes to make them more energy-efficient. This will save money on utility bills and help reduce environmental impacts.
Another popular project is to add a new master suite. This will add value to the home and allow for more privacy for the homeowner. While it may be expensive, a real estate professional can assist in designing an efficient layout that will maximize the space.
Regardless of the type of home improvement you choose, it is important to do your homework before hiring contractors. Always receive multiple estimates and compare prices as well as contractor reputation, experience and references. You should also ask contractors to provide a written contract with a detailed timeline for work to be completed, a payment schedule and as many specifics as possible on the types or brands of materials to be used on the project. In addition, a contract should include an arbitration clause and disclosure that the contractor has insurance.
