What Is Home Improvement?

Home improvement, also known as home renovation, is the process of renovating or repairing an existing residential home. This includes any work that adds value, functionality, or comfort to the home. Some examples include kitchen remodeling, bathroom remodeling, adding a bedroom or bath, finishing a basement, and building a deck. Other examples are replacing a roof, painting the house, and installing new flooring.

The definition of “home improvement” differs from state to state, but generally it covers any remodel or upgrade that adds value to a home. Some types of home improvement may have more impact on resale value than others. Before making any major upgrades, it’s always a good idea to consult with a real estate professional.

According to the Home Improvement Research Institute (HIRI), spending on home improvements is on the rise. This is due to several factors, including higher property values that have increased the equity homeowners have available for loan financing and the fact that older owners are staying put, deterred by historically high mortgage rates from trading up.

When hiring contractors to perform home improvement work, make sure you get a written contract before any work begins and that the contract clearly states the price of the project. It should also state the approximate dates when work will start and be substantially completed. In addition, it should contain as much detail about the work as possible, such as a detailed description of materials to be used and specific brand names. The contract should also contain the contractor’s name, address and MHIC license number preprinted.