Home improvement is the process of making changes and additions to a home. This can include everything from updating the house’s interior and exterior to adding a new room or adding a garden.
The Home improvement industry is an important part of the economy and continues to grow as homeowners place a high value on personalizing their homes. The home improvement business offers a wide range of products and services from appliances and decor to contractors and tradespeople.
Whether you’re planning a DIY project or hiring a professional, it’s important to plan ahead so you can get things done on time and within budget. Start by determining the goals and scope of your renovation.
You can use a home equity loan or line of credit to fund your renovations, as long as the amount doesn’t exceed 85% of the appraised value of your home. This type of loan can be a good choice for large renovations or long-term projects, but be sure to choose wisely.
Increased equity also means more available spending power for home improvements. In fact, home equity loans account for a major portion of the home improvement industry.
Why Homeowners Are Increasing Their Spending
Home improvement is more popular than ever before, thanks to three key factors. Among them are a growing economy, higher housing prices, and an increasing population of older homeowners with adequate home equity to invest in remodeling.