Investing in a home improvement project can increase the value of your home. However, home improvement debt can be expensive. Using a home equity loan can help you get the work done without having to pay the full amount outright.
The average cost of home improvement projects is highest since Angi began tracking the data seven years ago. In addition, the rate of inflation is taking its toll on the cost of home remodeling.
The first half of 2021 is expected to see the biggest jump in home remodeling, according to the Harvard Joint Center for Housing Studies. However, the rate of growth is expected to slow down.
Homeowners will be spending more time on home improvement projects in 2021, according to a survey conducted by Axiom, a Minneapolis marketing firm. The survey asked consumers about recent projects they completed, how much they spent, and what their plans are for the future.
One-third of respondents plan to do some work themselves, while another three-quarters plan to hire someone. Most homeowners will be completing home improvement projects at some point during the year.
Homeowners should make sure they find a reliable contractor. Check to see if they have references and insurance. If you are planning to make renovations, make a list of the projects you want to complete and stick to your budget.
Home improvement projects can be tax deductible. Make sure to itemize your receipts and labor costs. However, some home improvements are only deductible in the year of the sale.