The popularity of home improvement projects is on the rise, and the demand for home improvement professionals is rising along with it. According to Axiom, a marketing research firm, 56 percent of respondents plan to hire a professional to complete all or part of their projects in the next year. In addition, 44 percent plan to do more complex projects in the next year than they did in 2017, and 16 percent said they weren’t planning any home improvement projects in the future.
Home improvement projects can range from minor repairs and paint jobs to large scale renovations and additions. These can include landscaping, repairing, altering, adding to, or detaching a building. In addition to repairing or renovating, home improvement projects can include the installation or replacement of appliances, fire protection devices, or water softeners. Additionally, they may include the installation of attached or inlaid floor coverings.
If you’re looking for a loan to finance your home improvement project, home equity loans may be the best option. With this type of loan, you can borrow up to 85% of the current value of your home. The downside to home equity loans is that they are more costly than personal loans and require a more rigorous underwriting process. Generally, home equity loans should only be considered if you’re completing a large-scale project that will require significant amounts of money.
Another advantage of home improvements is that the money you spend on them can be deducted from your taxes. The best part is that the majority of these improvements are deductible within the year of installation. Additionally, if you’re planning to install medical equipment in your home, you may be able to claim the cost of the equipment as a tax deduction.