Home Improvement – What You Need to Know Before You Start

Home improvement

Home improvement is anything done to your home that improves the way it functions, looks, or feels. It can include a wide range of projects, from small tasks like painting to large scale improvements like adding an addition to your home. Regardless of the size or scope of your project, it’s important to have a solid plan before you start.

A budget is a key piece of any renovation plan. Without one, you could end up spending more than you intended or even go into debt to complete the work.

Whether you’re preparing to sell your home or just want to add some character to your current living space, it’s smart to have a well-planned budget. By setting a price for the work that needs to be done, you can avoid letting a potential buyer feel overwhelmed by the budget and make sure you’re not spending more than you can afford.

You can also set a budget for smaller updates, such as painting or a new appliance. Many credit cards offer introductory 0% APR periods on these types of purchases, so you may be able to finance the cost over several months.

Taxes on Home Improvements

When you’re working with a contractor, be sure to ask about state and local taxes. Some states have an exemption for material costs, but not all do. You’ll need to check with your state and your CPA for the specifics.

If you’re doing any major work on your home, it might be worth filing a capital improvement certificate with the state to claim this exemption. This will exempt you from paying labor taxes, and it may also boost your property value if you sell your home in the future.

Before you choose a home improvement contractor, be sure to research the company’s reputation and experience in the field. In addition, look for a contract that includes an arbitration clause.

Homeowners often renovate their homes to increase the value or simply for comfort. A homeowner who invests in home improvements is likely to recoup at least 74 cents for every dollar they spend, according to the Home Improvement Institute.

In addition to boosting your home’s value, improving your curb appeal can be a great way to attract potential buyers. Landscaping is another popular home improvement that can add a lot to the value of your property.

Putting in Crown Molding

Crown molding is a simple, inexpensive and surprisingly effective way to give your home a more customized look. The decorative strips are available at most home improvement stores and are easy to install. They’re available in a variety of colors and can be painted to match your decor.

Creating a Backyard Paradise

A backyard paradise is a fantastic way to boost your home’s curb appeal and make it more appealing to potential buyers. The right lawn, landscaping, shrubs and bushes will all add to your property’s overall appeal, but you don’t need an entire garden or an expensive pool to create the outdoor retreat you’ve been dreaming of.