Home Improvement Whether you are a first time homeowner or you have been in the home market for years, there are several steps you can take to your shell out on a costly renovation, and you can do plenty of DIY projects to increase your home’s appeal.
Bathroom and kitchen upgrades continue to reign supreme
Adding a new kitchen or bathroom to your home is an excellent investment. These upgrades consistently add the most value to a home. Depending on the type of upgrade, you can expect to see anywhere from a 60-80% return on your investment. The bathroom, however, is usually more effective at adding value than the kitchen.
Aside from adding value to your home, many bathrooms and kitchens can also lower utility costs. For instance,
- A new faucet and garbage disposal can help you save money on your utility bills . For those looking for a more environmentally friendly option,
- there are filtration units that are easier to install than ever. Other bathroom upgrades include adding new intelligent features and an addition that push sustainability efforts.
- In addition to adding value, kitchen, and bathroom upgrades are often less expensive than typical kitchen and bathroom remodels.
- They strike a perfect balance between immediate benefits and long-term value.
- The Fix survey was mailed to 68-home design experts, and the survey questions covered a variety of topics.
- Each expert was asked to select multiple answers.
- The survey report includes all of the responses.
The survey participants were selected based on their professional portfolios and influence on social media. The survey was sent to home improvement experts from all over the country, and they were asked to choose from a variety of options. The results show that home improvement trends are largely influenced by housing and regional factors. It’s important to keep your finger on the pulse of the local market. For example, white has been a popular color for several years, but now more shades of gray are becoming more prevalent as the white fades away.
DIY landscaping projects can yield big returns on closing day Home Improvement
Adding a bit of curb appeal can increase the value of your home. You don’t have to break the bank to do it, though. Using a little creativity and some smart landscaping choices can add significant value to your home. Adding some simple landscaping upgrades can also help you recoup some of your initial investment when it comes time to sell.
A well maintained yard can increase the value of your home by as much as 5% to 12%. If you’re planning to sell your home, a nice-looking front yard is a must. Adding mulch to your plants is an easy and inexpensive way to enhance your curb appeal. It also moderates soil temperature, which will prevent weed growth and erosion. You can even add some garden edging for some added interest.
It’s also a good idea to install an automatic irrigation system, which will reduce your lawn watering expenses. This small investment will pay off handsomely on closing day. Investing in your home’s outdoor space is a smart move, and it will help increase its value while increasing your peace of mind.
If you’re looking to do some landscaping on a budget, you’ll want to keep in mind that there are a lot of low-cost options. In fact, it’s possible to find a professional to perform some of the more complex tasks for you. This can help reduce stress on your part, and it may also yield better results than a do-it-yourself landscaping project.
Tax-deductible home improvement deductions
Whether you’re a homeowner or business owner, you can benefit from tax-deductible home improvement deductions. These can reduce your taxes and help increase the resale value of your property.
- Home improvement projects can include anything from adding a new HVAC system to replacing your septic tank.
- In addition to improving the value of your home, these projects can also help increase the security of your property.
Home improvements are not tax-deductible in the year you make them, but may be deductible in the year you sell your home. In general, tax-deductible home improvement deductions must be documented with financial records. This can include copies of your contracts, invoices, and bank statements. Detailed financial records can make reporting your home improvement deductions easier.
- Medical home improvements are also tax-deductible, but they aren’t the same as home improvements that increase the value of your home.
- Medical home improvements are only allowed if you earn over a certain income threshold.
Home improvement projects fall into two categories:
- Maintenance projects and capital improvements.
- Maintenance projects include things like painting and power washing your siding
- A home improvement budget can roll over to a new mortgage when you purchase a new home. This means you’ll have a bigger mortgage and will pay more interest. If you do this, you can increase your home improvement write-off.
The IRS considers home improvements as capital improvements, which means they can increase the value of your property and reduce your tax bill when you sell it. These can include things like a new roof, siding, or HVAC system. Some of these improvements may qualify for a limited-time tax credit.
Home improvement projects may also be tax-deductible if they add value to your home and make it more energy efficient. Energy-efficient improvements may qualify for federal tax credits and may reduce your state and local taxes.
If you’re planning a home improvement project, you should consider the budget and your desired aesthetics. Some projects are easy to do, such as installing a new security system, while others are best left to the professionals.
Whether you are looking to sell your home or just want to add value to your home, there are a number of home improvement ideas that can make a big difference. These renovations can help increase the value of your home and help you recoup your investment when it comes time to sell.
Home improvement ideas can range from something as simple as replacing old windows with energy efficient ones to installing new insulation. These simple changes can increase the value of your home and can help you save money on your utility bills. Adding smart technology to your home can also be a big draw for potential buyers.
For example, adding stick-up LED lights can give your home a fresh look. These lights are inexpensive and can make a big difference.