Home improvement projects can add value to your home, but they don’t have to break the bank. Simple upgrades, like a fresh coat of paint or cleaning out the gutters, can make your house look newer and more inviting.
Learn how to do the basics of home improvement with these wikiHow guides. Plus, find out which home improvements may be tax-deductible.
Home Improvements
Home improvement is a broad term that refers to any type of renovation or remodeling work that makes your house more functional, comfortable or enjoyable. It can include everything from upgrading your plumbing and electrical systems to adding new furniture or painting the exterior of your home.
Some home improvements are also tax deductible. According to TaxSlayer, capital improvements can add value to your home and prolong its life or adapt it to new uses, while repairs can be deducted in the year they are made.
If you are planning to make some home improvements, there are several financing options available. You can use a home equity loan or a cash-out refinance to finance your project. There are also tax credits available for energy-efficient upgrades.
Bathroom Renovations
Homeowners looking to increase the resale value of their homes should consider a minor bathroom remodel. While it may not be as extensive as a full-scale remodeling, swapping out old fixtures for modern ones can make the room more attractive. A simple upgrade of the shower head and vanity is a great way to do this. Upgrading to low-flow plumbing is also important. Potential buyers run away from homes with dated plumbing, and an upgrade can help keep them interested in your property.
Other upgrades include adding radiant floor heating and upgrading to a steam shower. These upgrades are more costly than other projects, but they add significant resale value. Similarly, painting the bathroom a neutral color is a good way to increase its appeal without spending a lot of money.
Kitchen Renovations
Kitchens remain a major selling point for homes, with potential buyers often making buying decisions based on the appearance of the kitchen. For this reason, homeowners should consider upgrading their kitchens. Replacing dated appliances, refinishing cabinets and changing out the backsplash can make a big difference in your kitchen’s appearance.
Other kitchen improvements that can boost resale value include adding an island, opening up the space and removing walls to create an open floor plan. While these improvements may cost a little more, they are likely to add more value than simple cosmetic changes.
Homeowners can also benefit from property tax exemption programs, which provide relief when remodeling a portion of the residence. These programs are available in many counties and cities, with eligibility based on the local property taxes paid.
Roof Repairs
The roof is one of the most important components of a house. It protects the interior from rain, snow, ice, and sunlight. It isn’t invulnerable to damage, though, and even a high-quality roof will lose its defensive power over time. A home inspection can identify the signs of deterioration and arrange for timely repairs. It’s a good idea to establish a regular routine for inspecting the roof, so that any problems can be identified and addressed promptly.
While repairs are necessary to keep a property livable, they don’t qualify for tax breaks. However, if you make an improvement that adds value to your property or adapts it for a different use, it may qualify as a tax-deductible repair. This includes major repairs, such as replacing a roof.
Window Replacements
When windows begin to deteriorate and lose their functionality, they can contribute to high energy bills. This can be a sign that it is time to replace them with new windows that offer better insulation, weatherproofing and aesthetic appeal.
Window replacements can be either full-frame or retrofit installations. The former involves removing the entire frame and trim while the latter only involves removing the window sash. Both installation options offer great return on investment.
Homeowners can choose from a variety of window frames, including wood, vinyl and aluminum. The best brands offer attractive designs and excellent energy efficiency, resulting in lower energy costs. They also elevate curb appeal and increase resale value. Window replacements yield an estimated 85% ROI, making them one of the most cost-effective home improvement projects.