The Growing Home Improvement Industry
The home improvement industry is growing stronger than it was ten years ago. It includes the sale of building materials, appliances, decor, and services offered by tradespeople and contractors. The industry represents a sizable part of the global economy. Western societies place great value on having attractive and functional homes. While the industry has been growing for several years, there are several factors that have contributed to its recent rise. Here are some factors to consider when planning a home improvement project:
Home improvement refers to the process of renovating, altering, converting, and improving a residential building. Improvements include interior and exterior remodeling, and garden work, as well as garage maintenance. In addition, improvements may include the addition of fences, fire protection devices, and water softeners. Other improvements that fall outside of the scope of home improvement are off-site improvements, such as garage conversions or new construction.
Major home improvements add value to a home and may be tax deductible. However, the work must add value for at least one year. These improvements must also extend the life of a home and adapt it to new uses. To claim these improvements as tax deductions, be sure to keep detailed receipts for materials, labor costs, and other expenses related to the home improvement.
When hiring a contractor for home improvement work, make sure you get a written contract that states the project details and timeline. The contract should also include the architect or engineer’s plans, which should detail virtually every aspect of the project. You may also want to open an escrow account to hold funds until the job is substantially completed.