Many people use home renovations to increase the value of their home. They often sell their property faster and at higher prices thanks to their home renovation achievements. Many times you can get $ 2-3 for every $ 1 you spend. That means renovating your home can really make money for you.
The problem is that most people aren’t sure where to start with their home renovation project. The two most popular areas for increasing home value through renovations are:
The great thing about these two areas of home renovation is that they are not too big in nature. Unlike opening a workspace where you have to remove walls, bathroom renovations or kitchen renovation projects are carried out on a smaller scale. As a result, you don’t need to spend nearly as much money on your home renovation project to make your home look fresh and new.
But let’s discuss some specific projects that will increase the value of your home in these two specific areas.
If you are considering renovating your kitchen, a good place to start is with cabinets. That’s because they are one of the first focal points that you notice when entering any kitchen. A fresh coat of paint on the exposed wall also helps. Not only will it smell fresher, the room will also look new. Other items on your task list can include:
Stainless Steel Sink
New Counter Tops
New Tiles or Backsplash
Hardwood or Laminate Flooring
Kitchen renovations can also include new furniture such as breakfast tables and chairs, island trains, or bar stools. You don’t need to spend a lot of money on your kitchen renovation project. It just needs to look visually attractive to potential buyers.
Remember, the more new your house appears, the faster you will sell it at the price you want. Remodeling your kitchen is a cost-effective way to do that.
Just like kitchen renovations, bathroom renovations also increase the value of your home. Better yet, the bathroom size is even smaller than a kitchen … at least in most homes. So, if you have considered renovating your bathroom to get more at home sales, don’t forget the following areas to update:
Counter Tops and Vanities
Floor and tile
Tubs and Rain
Cutting Home Tax Renovations
Another fact that many people don’t realize is that there are additional benefits to renovating a house when tax time comes. Here’s how it works:
When you get money from selling a home, you will be subject to capital gains tax. This means that any money you make from the value of the house can be taxed. However, according to IRS 523 Publication, Selling Your Home, you can declare certain improvements that you make at home, such as kitchen renovations or bathroom renovations. This can also include items such as:
Extras such as bedrooms, bathrooms, decks, garages, porches or patios.
New pipes or cables.
Every new heating and / or air conditioning unit.
Interior updates such as built-in equipment and wall-to-wall carpeting.
Exterior upgrades are like opening an entrance.
Any taxable improvements are things that add value to your home and extend the useful life of your home according to the IRS, not you. So ask your accountant who knows the IRS tax law to ensure that home renovations that you do will be covered. Also, make sure you keep your receipt so that you have proof of costs.
Where to Look for Kitchen and Bathroom Remodeling Products and Services
If you are not a do-it-yourselfer, perhaps it is best to get a quote from a home improvement contractor to help you with your renovation project. Most of the products needed for your project can be found at various retail outlets or home improvement stores. However, you might be able to save the most money by purchasing discounted home renovation products directly from the manufacturer.