Home improvement spending is projected to rise by 4% this year and to reach $510 billion by 2024. It includes do-it-yourself projects and professional remodels. Home equity has increased by 16.2% since 2019, making it easier to spend on remodeling projects. As the population gets older, homes need more maintenance, repairs, and remodeling.
Furniture can improve the look of a room and add value to a home. While most people think of furniture as being bought after a house is constructed, it is not always the case. Investing in new and high-quality furniture can make a home look better than it was before. However, it does not count as a home improvement if you only replace your old furniture.
Some home improvements are tax-deductible. Energy-efficient upgrades are a great example. Home improvements for business purposes may also qualify for a tax credit. If you’re unsure of whether your project qualifies, consult a tax expert. They can determine whether or not the improvements you make will qualify for tax deductions and help you document your expenses.
If you’re planning a large home improvement project, you’ll want to make sure you hire a licensed contractor. There are many home improvement service companies that will perform the work for you, and many of these are affiliated with professional organizations or associations. Make sure to verify the contractor’s license, insurance, and references before hiring them. You might also consider using an aggregator, which bundles multiple home improvement services and acts as an agent between service providers and customers.