The home improvement business is growing rapidly. New York City residents spend billions of dollars a year on improvements to their homes. This includes everything from minor remodeling to whole house renovations. Homeowners can get a loan for up to 85% of their home value to pay for these projects.
Home improvement projects are a great way to make your home more desirable. You can increase the value of your home while also making your home safer. Whether you are upgrading the roof, putting in a new bathroom or building a deck, you can add real value to your home.
If you are thinking of upgrading your home, you may have some questions about the process. There are several factors to consider, including how much money you have to spend, whether you need to hire a professional, and how your projects will impact the value of your home.
A survey conducted by Axiom asked consumers about their recent home improvement projects and plans for the future. Of the 1,045 consumers surveyed, more than half said they planned to do all or some of their own projects. For those planning to do a larger project, almost 40 percent said they would hire a contractor.
Some homeowners will simply improve the appearance of their homes without spending a fortune. However, others will take out a loan to cover the costs of their projects. Credit cards are available to those with a 0% introductory APR to cover short-term home renovations. Other options include taking out a personal loan or a home equity loan. While a home equity line of credit can be a good option for a larger project, it can be more costly than a personal loan and more time consuming.
When you are considering a home improvement project, it is important to check with a consumer protection agency. In New York, the law requires all contractors to be licensed by the Department of Consumer Affairs. Additionally, some counties allow license assignment. Ensure that the contractor you hire has a license before beginning a home improvement project.
Several laws make it a crime to perform “home improvement” work in the state without a license. Fines for these offenses vary, but range from $500 to $5,000. In some counties, the penalty is a Class A misdemeanor. Also, many counties are authorized to seize unlicensed vehicles used in home improvement activity.
Among the most popular home improvement projects are roofing, siding, and landscaping. Landscaping can be cleaned and retouched to re-appear worn areas. Those who plan to sell their home in the future may want to invest in upgrades that appeal to a wide audience.
In addition, homeowners should be aware of the tax implications of their home improvement plans. Depending on your state, you may be required to pay sales tax on any materials you use for the projects. Alternatively, you may be exempt from sales tax if your home improvement project is considered a capital improvement.