With interest rates at rock-bottom levels, home improvement projects have never been more appealing. In this unsettling economy, spending on one’s home can be a comforting investment. Home improvement projects can range from simple to complex, and many of the most popular categories involve outdoor projects like deck building and landscaping. In fact, the number of people building new decks and putting up fences has increased threefold from March to July.
In the United States, most home improvement projects are tax-deductible. Major repairs and energy efficiency improvements are usually deductible. Some of these improvements also increase home value and can help sellers get a higher sales price for their homes. For more information, consult a tax professional. These professionals can help you determine whether or not your project is tax-deductible and what documentation you need to prepare.
The DIY home improvement market has become a highly competitive sector, with a low growth potential. The competitive nature of the industry has led to the entry of new players and the proliferation of private label manufacturers. In addition to unlicensed home improvement companies, there are many specialized companies offering services geared towards a specific niche. For instance, some people choose to hire a disaster restoration company to handle clean-up and restoration of homes after a natural disaster. Likewise, there are companies offering eco-friendly solutions for homeowners who want to increase their energy efficiency or take advantage of green building incentives.
If you need additional financing to complete your home improvement project, you can consider getting a home equity loan. These are repaid over five to thirty years. As with any loan, you should be sure to carefully assess the costs associated with the loan and work out a budget based on the costs.