Millennials are driving a wave of home improvement projects. This includes DIY projects and professional remodels. The trend is expected to increase in 2021. However, the return on investment can vary depending on the type of project. It is important to compare costs from multiple contractors to get the best value for your home improvement project.

Home improvement projects can include renovations, additions, repairs, painting and flooring. These projects can increase the value of a home, but they can also lower it. It is important to research the costs before you begin a project, and check with your CPA to ensure that it is not lowering your property’s value.

Whether you plan to DIY or hire a professional contractor, you should make sure that your contractor is licensed. There are penalties for performing home improvement work without a license. In some counties, the penalty is up to $100 per day. Also, make sure that your contractor has the proper insurance.

Home improvement projects can be financed through a variety of loans. Often, you can borrow up to 85% of the value of your home. These loans are designed for home improvements that improve the basic utility of your home. These loans have different requirements in each municipality. They can also come with a longer underwriting process and may be more expensive than personal loans. However, they can be more flexible. If you need a large project, such as a kitchen remodel, you may want to consider a home equity loan. If you need a small project, such as a paint job, you may want to use a home improvement credit card. The interest rates for these cards range from 16% to 24%.

Home improvement companies are also a lucrative market. The home renovation business is expected to reach $510 billion by 2024. These companies provide niche services that serve specific homeowner needs. Examples include home upkeep, green building, and disaster restoration.

If you do not know who to hire to perform your home improvement project, you can look online for a service that will help you find contractors. These services will match you with contractors and designers. They can also help you manage your renovations.

Home improvement contractors must be licensed by the state and city in which they work. Many contractors also have affiliations with reputable professional associations. Be sure to check your state and local laws to ensure that your home improvement project is not subject to illegal practices. You may also be able to file a lawsuit against a contractor for actual damages or reasonable attorneys’ fees.

If you hire a contractor, make sure you get a written contract outlining the work to be done. This should include a timeline and payment schedule. A good contractor should also be able to provide references. Also, check with neighbors to see if they have used the same contractor in the past.

Some contractors may have a right-to-repair law, which means that they are allowed to make repairs. However, the material costs of your home improvement project are not tax-exempt.