Home improvement businesses take many forms, such as basic handyman services, landscaping, interior and exterior painting, kitchen and bath renovation, flooring installation, etc. Do you have a particular passion that’s driving your desire to start a home renovation business? Besides having the right skill set for the services you plan to offer, it’s important that you enjoy doing the work. If you’ve been thinking of starting a home improvement business, now may be the right time to begin your new venture.

Before diving into a home improvement project, it’s essential to understand the eligibility requirements for financing. Lenders typically look for a stable income, a solid credit score, and a debt-to-income ratio that indicates your ability to repay the loan. The property in question must also be your primary residence and adhere to certain safety standards.

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You receive the loan all at once and repay it with interest over two to 12 years. You can’t claim a tax deduction on the interest paid on home improvement loans as you might be able to do with mortgage interest. These loans are government-issued, and eligibility requirements can vary by state and municipality.