House improvements are a major endeavor. It’s one reason why television is replete with shows like Fixer Upper and This Old House, but a DIY project can be daunting for even the most experienced homeowner. Whether you’re looking to increase your home’s value or simply enjoy the benefits of a well-maintained residence, there are several house improvements that can be beneficial for homeowners.
A new front door is a popular house improvement that can make a huge difference in the look and feel of your property. This affordable upgrade is also among the top 10 highest return projects on cost per square foot, according to the Cost vs. Value report from Remodeling Magazine.
Windows are another popular home improvement. They help improve your energy efficiency and can also add curb appeal to your property. If your windows are starting to show signs of age, consider replacing them with vinyl ones.
If you’re a homeowner who owns a rental property, it is important to keep track of your renovations for tax purposes. Depreciation is available for many renovations that are intended to enhance your rental property, according to Nolo Network. For example, a new kitchen, laundry room or bathroom, septic system and built-in appliances are all considered tax deductible. In addition, repairs that you make to your rental are deductible within the year they’re completed.
Before you get your hammer and nails out, decide what your goals are for the renovations. If you’re planning to sell your home in the future, choose improvements that will attract buyers and boost resale value. You should also discuss any planned changes with a real estate professional to determine what will work best for your neighborhood.
While it’s tempting to get caught up in the excitement of a renovation, it’s essential to stay within budget. Overspending can lead to financial difficulties down the line. It’s also important to update your home insurance policy when you start making major renovations, as they may no longer provide enough coverage for the new value of your property.
When you’re ready to tackle a house improvement, be sure to research the best contractors in your area and request estimates before hiring someone. Depending on the scope of the work, you might need to obtain a permit before beginning. This is especially true if you’re making structural adjustments or changing your building’s footprint.
Whether you’re remodeling your home for resale or for your own enjoyment, it’s vital to choose wisely. If you’re not careful, your project could end up costing more than it should or even result in debt.
It’s also critical to take the time to compare prices and find the best deals on materials. Also, be mindful of the impact your project will have on your utility bills. If your house isn’t adequately insulated, you’ll likely see higher energy costs. In addition, you’ll likely need to replace older appliances and fixtures with newer models. Finally, don’t neglect to take into account the ongoing maintenance that will be required after the renovations are complete.