Almost half of all homeowners are planning a home improvement project in the next two years. And according to a survey by Zillow, 72% of homeowners have a home project on their to-do list in 2022.
Home improvement includes a wide range of work, including major remodeling, additions and repairs. These can be done on a one-time basis or over time.
Home improvement is a lucrative industry with annual revenue of $400 billion. But the market is becoming increasingly competitive. Competition comes from private labels and the entry of new players. The major players are reorienting their strategies toward omni-retail, with more focus on differentiation and premiumization.
Some states require contractors to obtain a license. If a contractor is engaged in home improvement without a license, he or she may face fines of $100 a day. In addition, the Attorney General may file a lawsuit against the contractor, and order him or her to pay the customer for damages incurred.
Most states have a home improvement tax exemption. Home improvement contracts are required to be in writing and filed with the Department of Taxation and Finance. The contract should detail virtually every detail of the project, including how the work is performed and when it is completed.
A contract should also include a payment schedule. This may include an initial down payment, incremental payments until the work is completed, and a time frame.
Home improvements are an excellent way to increase the value of your home. But they can also improve your quality of life. You can increase energy efficiency, which can save you money on heating and cooling costs, and improve safety.