Home improvement is a common project for homeowners. It involves making improvements to the exterior or interior of a home, as well as to the property itself. The most popular projects include landscaping and yard work. You can use credit cards, government loans, and other resources to finance home improvement projects. The first step is to decide what kind of home improvement project you want to perform.
Millennials are buying homes
Unlike previous generations, millennials have a different perspective on homeownership. They have lived through the Great Recession and are skeptical of the housing market and lenders. Many also face student loan debt. Millennials are also more practical when it comes to buying a home.
Government-issued loans are available
Many homeowners have trouble finding the funding necessary to make home improvements, but the Federal Housing Administration can help them. The FHA provides low-interest loans and insurance for private lenders who make loans to borrowers who meet certain criteria. In addition, the SBA offers low-interest, long-term loans to small businesses.
If you plan on spending a lot of money on home improvement projects, it may be a good idea to use a credit card to help you pay for the materials. Home improvement credit cards can make the process easier, and can also give you a good amount of cash back. The Bank of America Customized Cash Rewards credit card, for example, has a great rewards program that lets you earn 3% cash back on purchases and balance transfers made at home improvement stores. It also offers a 0% introductory period for purchases and balance transfers.
Yard and landscape work is the most popular project
A popular home improvement project for homeowners is yard and landscape work. It’s a time-consuming task that requires planning, supplies, and a detailed to-do list. Before you begin, write down every single task you plan to complete. Then, prioritize them in order of priority. For example, if your yard needs a new deck, you should prioritize landscaping projects first before installing new fencing or installing a new patio.
You can deduct expenses that you make on your home, including improvements to its value. According to the IRS, these improvements can be categorized as capital improvements. A capital improvement is an improvement that adds value to your home or makes it more adaptable to a different use.
Finding a contractor
Selecting a contractor is a big step, especially if you want to make a big change in the look or structure of your home. Choosing a contractor for home improvement is like hiring a new employee, so it’s important to do your research. Ask around and read reviews of previous work to find the best fit. Then, get multiple bids for your project.