Home improvement can include renovations to kitchens, bathrooms and bedrooms. It also includes adding outdoor living spaces like decks, patios and gazebos. Home improvements can be expensive, but it is important to have a clear plan before beginning any project. Also, there are a number of government programs that may help to make these projects more affordable.
A good plan should include what needs to be done, how it will be completed and an estimate of costs. It should also contain a payment schedule and detailed descriptions of any materials or products to be used. Finally, it should also include a time frame for completion of the work and details on any inspections or certificates of occupancy that are required.
Depending on where you live, home improvement projects can be tax-exempt. For example, in New York State contractors are not taxable on labor and material cost for home improvement if the contractor has documentation that the project is a capital improvement. To qualify for this exemption, the contractor must complete a document called a Certificate of Capital Home Improvement.
Despite the elevated prices of building materials, many homeowners plan to forge ahead with their home improvement projects this year. In fact, the top three projects for boosting a home’s resale value are refinishing hardwood floors, upgrading insulation and converting a basement into living space.