What Is Home Improvement?
Home improvement is a process that involves the remodeling, renovation, or alteration of a home. Renovation may include interior projects, such as a kitchen or bathroom, exterior project, such as a deck or fence, or an addition to the house.
The cost of home improvements can vary from a few hundred dollars to thousands of dollars. Depending on the size of the project, you may need to take out a personal loan or apply for a home equity line of credit.
A home equity loan is an installment loan that is paid off over a period of five to 30 years. You can borrow up to 85% of your home’s value. Using a personal loan instead of a home equity loan can be a better option for a home renovation project over the long run.
According to the Harvard Joint Center for Housing Studies, home remodeling is expected to peak this year and then begin to decelerate. It is estimated that the home renovation industry will reach $510 billion in 2024.
When evaluating a contractor, you should check references and ensure that they are licensed. In many counties, the crime of engaging in “home improvement” without a license is classified as a Class A misdemeanor. Fines for this offense can range from $500 to $5,000.
The home improvement industry includes niche services that address the needs of homeowners. Some of these include HVAC, electrical systems, and disaster restoration. These businesses are focused on providing affordable options for traditional services.