Tax Deductible Home Improvement & Repairs For 2022
However, many of the most common projects we see year-over-year stay prime tasks. Rising mortgage rates of interest formed house owner perspectives and strategies for tackling home improvement initiatives this yr. While the increased rates didn’t substantially change overall spending in 2023, they did have an effect on the number of projects some owners House & Home Improvement News took on this 12 months. This yr, 40% of homeowners reported taking on more home improvement work in response to rising rates of interest that made moving or purchasing a brand new home less feasible. Looking forward, 30% of house owners plan to undertake extra work subsequent yr, motivated by rising mortgage interest rates.
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