Home improvement, also called home renovation or remodeling, is a common activity that involves transforming a home. It can include both interior and exterior projects. The goal is to improve a property so that it looks and feels better for its owners. It can also involve improving a property’s value. It can also include restoring the look and feel of an old home.
Today, the home improvement industry is a $400 billion business and is expected to grow to $510 billion by 2024. Home improvement spending is rising at a 4% annual rate, including do-it-yourself work and professional remodels. This growth is fueled in part by the fact that home equity has risen 16.2% in the past year, making it easier for home owners to take advantage of flexible spending.
Other home improvement projects can increase the value of a home, especially if they’re deductible. Some examples are a new roof or siding, new driveway, upgraded septic system, built-in appliances, and insulated attic. Most of these improvements can be tax-deductible, although some improvements are deductible only in the year they’re made.
Whether you want to renovate your entire home or just make some minor changes, a home improvement loan can be a great way to finance your renovation. These loans are available from a variety of lenders and may be the best option for your particular needs. Just make sure you do your homework and take the time to compare loan offers.