The home improvement industry is estimated to generate over $400 billion in revenue each year, with projections putting this figure up to $510 billion by 2024. Both professional remodels and do-it-yourself projects are contributing to this growth. Home equity is rising at a rate of 16.2% a year, creating more flexibility for consumers when it comes to spending. The vast majority of homeowners are considering remodeling or renovating their homes.

Home improvement loans are available to finance many home improvement projects. Taking advantage of these loans can improve your home and make it more appealing to potential buyers. In addition, you will be able to sell your home for more profit when you have completed the remodeling project. Whether you’re looking to upgrade your kitchen or bathroom or renovate your entire home, a home improvement loan can help you finance your next project.

Homeowners can also use online services that help them find designers and contractors that meet their needs. These services can also help homeowners manage the renovation process. You should always check references and licenses before hiring a contractor. You can also consider hiring a mediation service if you encounter problems with your contractor. Many law schools and nonprofit organizations offer free mediation services to consumers and contractors.

If you’re planning to sell your home in the near future, home improvement projects can be a tax write-off. However, you’ll need to be sure to itemize your receipts and keep track of the labor costs. If you make major improvements to your home, you may also be eligible for tax deductions if the improvements increase the resale value of your home.