Home improvement is a process that involves renovation, remodeling or additions to a home. It can include anything from a new roof to a new driveway or garage. Aside from improving the value of your home, it can also be tax deductible.
The Harvard Joint Center for Housing Studies predicts that the number of home improvements will increase significantly in the first half of the year. However, it expects that this growth will slow down in the next few years, mainly due to rising mortgage rates.
If you’re thinking about doing some remodeling, you can use your home equity to get a loan. Loans can be secured by your house, and the interest rate can be fixed or unsecured. These loans allow you to borrow against your home’s equity, and pay back the money over a period of five to 30 years.
Before you decide on which project to do, make sure you’ve done all the necessary research. Many states have different regulations about how to classify your project as a home improvement. Make sure you’ve checked your contractor’s license and insurance, and that he or she has references from previous customers.
A new front door is an inexpensive way to improve your home’s appearance. Putting up a fence is also an excellent way to improve your property.
While most of the survey respondents plan to do their own home improvements, some will hire a professional to do the work. According to the survey, the most common projects are to fix a deck or patio.