Whether you’re remodeling your bathroom, kitchen, or landscaping, home improvement projects have a strong market. In fact, the home improvement industry generates $400 billion in annual revenue and is projected to grow to $510 billion by 2024. Moreover, if you include do-it-yourself projects, home improvement spending is predicted to grow at a 4% annual rate. Moreover, improving your home is a safe investment, especially in today’s uncertain economic climate.
Furniture can make or break a room. If it’s old and worn-out, buying new furniture may be a good way to make a room look better. However, if you don’t change your furniture often, it might not be a good home improvement. Moreover, you can also write off the cost of new furniture as business expenses.
Another cost-effective way to update your home is to paint the walls. It will freshen up the room and may inspire you to redecorate. You can also use wallpaper with a bold pattern to add visual interest. Installing new tile backsplash or accent tile may also add visual interest without requiring a permanent renovation. Likewise, you can update the flooring, doors, and windows.
If you’re on a tight budget, you can consider applying for a government-issued home improvement loan. The requirements are different depending on your city or state. These loans are usually for making improvements that improve basic utility and livability of your home.