During this era of rock-bottom interest rates, home improvement projects are becoming even more popular. Moreover, spending on a home can give homeowners a sense of security during these unsettling times. The most popular categories of home improvements include work on the outside of the house and the backyard. For instance, the number of people putting up fences or building decks has risen sharply. Since March last year, the number of people hiring landscapers and construction companies has increased by more than threefold.
Cost vs. value
According to the Cost vs. value of home improvement report, exterior home improvements continue to be the most popular home improvements. More than half of the 22 projects in the Cost vs. value of 2022 report are exterior projects, with only a minor kitchen remodel showing a significant decline.
While these projects add significant value, they may not be necessary to increase the overall value of your home. However, they can still be a great investment, especially when completed in the summer. Regardless of the time of year you choose to renovate your home, there are a number of different projects to consider.
DIY vs. contractor
When renovating your home, the choice between DIY home improvement and hiring a contractor can be a tricky one. While many people prefer to save money by doing certain tasks themselves, others prefer to have the expertise of a professional contractor. In order to make an informed decision, you should consider your budget, experience level, and time commitment.
When choosing between DIY and a contractor, it is important to have a clear idea of what you’re hoping to achieve. While it is possible to tackle small projects yourself, major renovations involving electricity, gas, or heat require the expertise of a licensed contractor.
Tax deductions
Home improvement projects can be tax deductible if they increase the value of your home. Examples of these projects include a new driveway, a new roof, siding, insulation in the attic, or built-in appliances. Tax deductions for these types of projects may be limited to the year the project is completed, but most improvements can be written off.
Tax deductions for home improvement are available for projects such as repairing small dents, installing handicapped-accessible showers, and putting in wheelchair ramps. These improvements can increase your home’s value and add to its usefulness. Not all projects are tax-deductible, though, so be sure to check with your tax advisor before beginning any improvement projects.
Contractors’ resumes
Contractors’ resumes are a good example of creative documents. They should showcase recent work, not just a dry list of responsibilities. The employment history section of a contractor’s resume should include problem-solving experience. Organize the information in reverse chronological order and include your most notable accomplishments. The resume should also provide an overview of your career.
In the education section, list your relevant education, including college or university coursework. While an associate’s degree is not required for contractors, a bachelor’s degree is typically preferred. Also, list any relevant licenses and any continuing education classes you’ve taken. A resume builder can help you get started.
Loan options
Home improvement projects can cost tens of thousands of dollars, and getting a loan is often necessary to pay for them. There are many different loan options, each with its own pros and cons, and it is always a good idea to consult a financial advisor before undertaking any major renovations. While home equity lines of credit can be very flexible, they can also be more expensive and take longer to complete.
One option is to apply for a personal loan from a bank. Although personal loans can be expensive, they are available to those with good credit and a good monthly income. You can also apply for a contractor-financed loan if your contractor offers it. This type of loan is easy to apply for and can often be approved within minutes. Some financing options even allow you to pay no interest on the loan for as long as you repay it within a specified time period.