Home improvement, also known as remodeling or renovation, is a term used for any project that upgrades an existing residential property. This can include interior (electrical and plumbing), exterior (masonry, concrete, siding, roofing), garden work, garage maintenance/additions and more.
The most popular reason people do home improvements is to increase their comfort or enjoyment in their homes. They may also do it as a way to upgrade their energy efficiency, reduce utility bills or improve safety in the home.
In addition to the obvious reasons, there are many other benefits of home improvement. It can provide a sense of accomplishment, help to create a personal space and even boost the value of the property.
When choosing a home improvement company, it is important to compare all aspects of the contractor, including price, experience and reputation. It is also necessary to make sure the company is licensed and insured.
There is a large ‘grey market’ of unlicensed contractors, which is why it is so important to make sure you hire a licensed contractor. Generally, Maryland’s home improvement law requires that contractors have passed a test on home improvement law and general business competency, as well as a background check with the Department of Insurance.
In addition to hiring a home improvement company, you may also need to take out a Home Equity Line of Credit (HELOC). A HELOC is a type of loan that lets you borrow against the equity in your home without having to pay any interest.