When you’re looking to improve the look and value of your home, you may want to consider a home equity loan. If you’re a homeowner, you have the opportunity to borrow up to 85% of your home’s value. You can use this money for various upgrades, including remodeling a bathroom, adding a deck or a garage, or updating an existing electrical system.
Home improvement can be a large expense, so it’s important to get the right type of loan. You should also compare all of your options. Typically, a home equity loan is not tax deductible. However, you can often deduct your home improvement costs when you refinance.
The home improvement market is highly competitive. New players are entering the market. They’re competing with major vendors on pricing and premiumization.
Some of the most popular home improvements include new exterior doors, windows, and heating systems. Other popular upgrades include a deck or patio. In fact, deck construction has been up threefold over the past year.
Homeowners are spending more on renovations than ever. The average cost of a home improvement project is rising by more than 20 percent, according to Angi, an economic research firm.
One of the newest trends in home improvement is to take advantage of rock-bottom interest rates. By investing in a home improvement loan, you can make your home more attractive and a safer investment during unsettling times.
A survey by Axiom, a Minneapolis marketing firm, found that nearly one-third of Americans are pursuing a home improvement project. This includes homeowners who’ve completed a project in the last few years, and those who are planning to do so in the next year or so.