Whether you want to update the look of a room or the entire house, home improvement projects can add significant value to your property. Performing these projects does not have to cost a fortune and can also be done by anyone with minimal skills. Some of the most popular home improvement projects include replacing flooring, ceiling tiles and paneling. Performing these improvements can increase the value of your home, both for current owners and for potential buyers.
Despite the current recession, home improvement is likely to grow in popularity in 2020. In fact, the average spending on home improvements is the highest since Angi began tracking this statistic seven years ago. While most respondents plan to do some work themselves, they are also planning to hire out some of the work. In fact, the pandemic has added new popularity to the home improvement industry.
While most people associate a home improvement loan with an unsecured personal loan, it is important to note that there are several other types of home improvement loans that may be better for your situation. These home improvement loans are not just for room remodels; some types may be suitable for structural repairs, accessibility improvements, and energy-efficient improvements.
Home improvement projects can also be tax deductible. The IRS website TaxSlayer lists several examples of home improvements that are deductible.