Home improvement, also known as home renovation or remodeling, is a term used to describe a wide range of projects designed to enhance a home’s look, feel, and value. These projects can involve structural, interior, or exterior changes to a home. This can add more value to the home or help the homeowner sell it for a higher price.
Depending on the extent of the project, a home improvement loan can be used to finance all or part of the project. You can choose to pay off the loan in one lump sum, or you can spread the costs over time. A home equity line of credit may be the better option if you’d prefer to pay off the loan in the long run. A home equity line of credit allows you to use the loan when needed, which is advantageous if you want to make changes in your home without borrowing money outright.
The home improvement market is a growing industry expected to continue to grow over the next few years. In the United States, the industry is expected to reach nearly 600 billion dollars by 2025 – more than double its value in 2008. Other countries are seeing a similar trend.