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| It wasn't easy. It was definitely worth it. |
Tax Deductions from Home Improvements
Unless your home is a rental property, most of your upgrades are not tax-deductible. However, the greatest benefit from home improvements lies in the resale value of your home. Capital improvements such as remodeling a kitchen, installing a septic tank, fitting a new water heater, pouring a new driveway, or making your home more accessible for the disabled or infirm are all considered permanent improvement which increases the value of your home. If these types of improvements are completed before a sale, they are tax-deductible.
Upgrading a Bedroom
Consider paint, crown molding, and sliding interior doors to improve the look of your bedroom. Today's sliding doors can take on a wide variety of styles: barn doors, French glass doors, split whiteboards, chalet barn doors, and many more looks. The walls can be changed to look very different also. They can be painted in stripes or other patterns. You could add mirrors to give the illusion of space, add a painted mural, or add wainscoting to create texture or interest to the whole room or portions of it.
The Most Value Added to a Home from an Improvement
Kitchen remodels generally generate the greatest return for your investment. Add as much as 15% to the value of your home with an upgraded kitchen. Kitchen appliances that are more than five years old should be updated to the most current models that you can afford. Today, the popular look of appliances is stainless steel, but you should consider what fits with your décor and the function of your kitchen as well.
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| Just painting my cabinets made a HUMONGOUS difference. |
Another focal point in the kitchen is the cabinetry. Still, another is the kitchen countertops. Updating the cabinets increases your home's value significantly. Consider updating the finish, the hardware, and adding special features like wine racks and corner cabinets to make better use of space. Instead of laminate countertops, opt for something more permanent and durable like concrete or granite. By making these improvements, the value of your home will multiply in value by a significant number. If money is a problem, use creativity. Consider ideas from affordable sources.
Bathrooms Can also Add Tremendous Value to a Home
No guest bath in your home? Adding one could greatly increase your home's value. A guest bath is traditionally a half bath with a sink and toilet only. If you have the room, you may decide to install a full bath with a sink, toilet, and bath/shower. A full bath contributes even greater value. Just like the upgraded kitchen, a new bathroom can increase a home's value by 10.5 percent with a half bath and a full 20 percent with a full bathroom. Repair tile on the floor and walls, replace traditional toilets with the new low flow water-conserving toilets. Add shower heads and controls that add a variety of functions like rainfall, high pressure, and handheld.
The Last Room that Adds Value to a Home
Oddly enough, walk-in closets can add tremendous value to your home. These are especially valuable in master bedrooms. If you can build one for both spouses, that's even better. A home with a double sink and double walk-in closets wins every time.
Saving Money on Upgrades
To save money, begin by starting with the most important aspect of the upgrade. If you are working with a kitchen that has old appliances, bad floors, and horrible countertops, you'll need to price your replacement features at an outlet store because all those elements should be replaced. If you are attempting to upgrade another room, choose the least costly manner of refinishing walls or floors, but always use the best materials. Never compromise on quality, but always seek out discounted versions of the best elements. Take advantage of store specials for labor and materials, whether seasonal or sold in bulk.
