Home improvement is the process of repairing, remodeling or making additions to your home. It can be done for many different reasons, such as personal preference and comfort, maintenance and repair work, extending the size of your home by adding rooms or space, enhancing energy efficiency or improving safety.
According to the IRS, home improvements qualify as a deduction on your taxes in some cases, depending on how you’re using your home and whether the project is considered a capital improvement or a repair. Most of these projects aren’t eligible for a tax credit, though, so be sure to check with your accountant before embarking on a renovation.
Whether you’re a DIY enthusiast or just want to get your hands dirty, home improvement can be a rewarding and fulfilling experience. But it can also be a financial minefield, so it’s important to plan out your home improvements properly.
A good home improvement contractor is essential for any major renovation, so be sure to find one with a license and insurance. You can check this by doing a quick search online or checking with your local building and codes office.
Before deciding on a contractor, make a list of what you want to accomplish and get quotes for the work you need. This will help you weed out the unscrupulous contractors, lock in prices and avoid surprises down the road.
Another tip is to talk to your neighbors about the work they’ve had done on their homes. This will give you an idea of what your neighbors are doing and what is currently popular in your area.
When it comes to home improvement, it’s important to choose a project that will improve your quality of life and add value to your property. This way, you’ll increase the enjoyment of your home and recoup some of your investment if you decide to sell it down the road.
If you’re thinking about a new bedroom, consider going with a neutral color scheme. This will help your room stand out without distracting from your existing furnishings and decor, and can also make the room look bigger and brighter.
It’s also important to choose the right material and design for your new room. For example, dark woods will give your room a cozy feel and can also be easy to maintain.
Regardless of the material or design you select, it’s vital to keep your renovation within your budget. You can do this by setting a realistic budget and using tools like Floorplanner to model out your new room before you begin construction.
For smaller projects, you may be able to save money by doing the work yourself. This is especially true if you’re planning to do the work yourself in stages.
There are many options available for financing home improvement projects, including personal loans, bank and credit union loans and mortgages with or without an interest-only payment option. Be sure to thoroughly examine your financial information and consider the most appropriate financing for you.
