Home improvement is a vast industry that includes the sale of building materials, appliances and decor to consumers as well as the work of contractors, tradespeople and others who help consumers renovate or enhance their homes. During the COVID-19 pandemic, the home improvement industry saw excellent growth results, and is expected to continue this positive trend in the coming years.
A few things are certain in life: death, taxes and that homeowners will take on home repair and improvement projects from time to time. These can range from the very affordable to the extremely expensive. But not all home improvements deliver the same ROI, and some may actually decrease a property’s value.
The definition of Home improvement is broad, but some examples include gardening, lawn care, resurfacing or repaving your driveway or sidewalks, installation and maintenance of a garage, carport, porch or deck, pool and even adding on to your house. However, some states may require you to pay labor tax on these projects unless they are documented as being a capital improvement by filing with your department of taxation and finance.
It is very important to do your homework before deciding to hire someone for a home improvement project. Be sure to check references and licenses. Also, always get a contract in writing before any work begins or money is paid. Maryland’s Home Improvement Law requires that a contractor’s name, address and MHIC license number be preprinted on the contract.