Home improvement, also referred to as renovation or remodeling, is the process of improving or changing an existing property’s interior or exterior. It can include a variety of projects, including rearranging furniture and installing new fixtures and appliances.
Increasingly, homeowners are investing in their homes as a way to express themselves and reflect their personal style. In particular, many are choosing to do more DIY home improvement projects to increase their own comfort and enjoyment.
Some homeowners also invest in home improvement projects as a way to enhance their home’s value for when they sell. The quickest way to add value is to make renovations that will help the home function better for the next homeowner or buyer.
Repairs and Energy Efficiency
Experts say that many homeowners will be investing in renovations to make their homes more energy-efficient, which helps cut costs on utility bills. This could be as simple as adding insulation to a wall or as complex as upgrading the entire electrical system.
Finance Your Project with Credit
If you’re considering a major upgrade, you can find funding through a home equity loan or a personal loan. This type of financing is typically offered by banks or credit unions and offers fixed monthly payments over five to 30 years, with an interest rate that’s generally lower than a traditional home mortgage.
Tax Deductibility
Before you start spending money on your home renovations, you’ll need to know whether the work is eligible for a tax deduction or credit. It’s best to get professional guidance to ensure that the renovations will benefit you in the long run.
