Home improvement, also known as home renovation or home remodeling, involves projects to improve the interior or exterior of a home. Often, the projects involve making the home look better and adding new features. It can also include improving the property’s value. Home improvement projects can range from simple cosmetic updates to major repairs. These projects are often an exciting way to spend time with family and friends.
Home improvement work should be performed by a licensed contractor. A license is required for all contractors and subcontractors. The license should be issued to an individual or corporation and must be on the person’s name. Some counties allow licenses to be transferred to another person, but it is essential that the new owner get approval from the licensing authority before hiring anyone for the project.
In some states, home improvement projects are considered capital improvements, meaning the work is exempt from labor taxes. Check with a CPA to determine the specific rules in your state. In addition, if you have poor credit, it is advisable to wait before applying for a home improvement loan until your credit score improves.
A new survey shows that home improvement spending will increase significantly in 2021. Although the industry has been growing for years, many people don’t do it themselves. In fact, a recent survey found that 67 percent of people aged 19-55 plan to do some home improvement projects themselves. While this figure is lower than the number of people aged 56 and older, it is still significant.