Home improvement is a wide-ranging category of activities and projects that seek to add value to the home. It can include renovation, remodeling, or repair of a particular structure, landscape, or other feature of a property. In addition, the term can also refer to a personal activity whereby a homeowner attempts a DIY project to achieve a specific goal such as installing new kitchen cabinets or a new bathroom vanity.
Before hiring a contractor, get multiple estimates for the work to be done. Each estimate should include a description of the work to be performed, materials, completion date, and price. Don’t automatically choose the lowest bidder, and ask for an explanation if there is a large difference in estimates. Also, be sure to compare other factors such as experience, reputation, and length of time in business.
If you’re planning to sell your home in the near future, talk with a local real estate pro before beginning any major home improvement projects. They’ll help you determine which improvements are likely to increase the home’s resale value and which ones may not.
In general, if you hire a contractor for a home improvement and the total cost of the work is more than $500, you must pay sales tax on all labor expenses unless you have documentation that it meets the definition of capital home improvement. You can obtain a document that qualifies for this exemption by visiting the NYS Department of Taxation and Finance website.