What Is Home Improvement?
Home improvement is a broad term for any type of work done to improve a home. Depending on your particular needs, this can include anything from minor remodeling to major rehabilitation.
The industry is currently projected to grow to $510 billion by 2024. It is estimated that 72% of homeowners will have a home project on their to-do list in the next few years. Millennials are driving the increase.
Aside from improving the look of a house, home improvements can also increase a home’s value. In fact, a new front door can be a cost-effective way to increase the appearance of your home.
Investing in a quality home improvement can add comfort and enjoyment. However, it is important to make sure your upgrades are on par with those of your neighbors. That is, if you plan to sell the home, the upgrades must be appealing to potential buyers.
Increasing mortgage rates and inflation are affecting home remodeling. Homeowners should consider the advantages of a home equity loan. These loans are secured by the borrower’s home and have fixed monthly payments.
Homeowners can borrow up to 85% of their home’s value. Usually, the amount is repaid over five to 30 year terms. Some states require the borrower to pay a sales tax.
For home improvement, the materials used are not tax-exempt. It is important to have a detailed project plan so that renovations will be completed properly.
Licensed contractors are necessary for home improvement projects. Many counties have a class A misdemeanor for engaging in home improvement without a license.