Home improvement, also known as home renovation, is the process of upgrading a property for the purpose of increasing its value or making it more functional. The industry encompasses the sale of building materials, appliances, decor and accessories, as well as the construction and maintenance of homes, including the renovation of outdoor areas such as gardens, driveways and gazebos.

Many people embark on a home improvement project with the aim of adding to their overall financial security by increasing resale value. While this is a legitimate reason to renovate, it shouldn’t be the only factor that guides your choices. Renovating your living spaces solely to suit your taste or accommodate your growing family may end up costing you more than it will add to the bottom line, especially if your tastes aren’t in line with other homeowners in your neighborhood.

Sticking to a budget means determining what you want, how much it should cost and how long you’re willing to wait for the job to be done. If you don’t plan ahead, a home improvement project can quickly spiral out of control. Having realistic expectations is key to staying on budget, and it’s important to compare prices from contractors before selecting one to work with. In addition, New York state law requires that contractors supply a contract for any home improvement work with specifics on time and payment terms, as well as any required inspections, certificates of occupancy and more.