Many people take
advantage of home remodeling to increase their home value.
They often sell their property quicker and at a higher price
thanks to their home remodeling achievements. Many times you
can earn $2-3 on every $1 you spend. That means remodeling
your home can actually earn you money.
The problem is
most people aren't sure where to start with their home
remodeling project. The two most popular areas to increase
home value via remodeling are:
The wonderful
thing about these two areas of home remodeling is they
aren't very large in nature. Unlike opening a den where you
need to remove walls, a bathroom remodeling or kitchen
remodeling project is done on a smaller scale. As a result,
you don’t have to spend nearly as much money on your home
remodeling project to make your house look fresh and new.
But let’s
discuss some specific projects that will increase your home
value in these two particular areas.
Kitchen
Remodeling
If you’re
considering remodeling your kitchen, a good place to start
is with the cabinets. That’s because they’re one of the
first focal points you notice when entering any kitchen. A
fresh coat of paint on any exposed walls also helps. Not
only will the room smell fresher, it will look new as well.
Other items on your to-do list can include:
- New
Appliances
-
Stainless Steel Sinks
- New
Counter Tops
- New
Tiles or Backsplashes
- Hardwood
or Laminate Flooring
Kitchen
remodeling can also include new furniture such as breakfast
nook tables and chairs, island carts, or barstools. You
don’t need to spend a small fortune on your kitchen
remodeling project. It just needs to appear visually
appealing to potential buyers.
Remember, the
newer your home appears, the sooner you’ll sell it at a
price you want. Remodeling your kitchen is a cost-effective
way of doing just that.
Bathroom
Remodeling
Much like
kitchen remodeling, bathroom remodeling also increases your
home value. Better yet, the bathroom is even smaller in size
than the kitchen…at least in most homes. So if you’ve
considered remodeling your bathroom to earn more on a home
sale, don’t forget the following areas to update:
- Cabinets
- Counter
Tops and Vanities
- Sinks
- Flooring
and Tile
- Tubs and
Showers
Home
Remodeling Cuts Taxes
Another fact
that many people don’t realize is there can be an additional
benefit to home remodeling when tax time comes. Here’s how
it works:
When you earn
money on the sale of a home, you’re charged a capital gains
tax. What that means is any money you make over the value of
a home can be taxed. However, according to the IRS’s
Publication 523, Selling Your Home, you can declare certain
improvements you made to a home, like kitchen remodeling or
bathroom remodeling. This can also include items such as:
-
Additions such as bedrooms, bathrooms, decks, garages,
porches or patios.
- New
plumbing or wiring.
- Any new
heating and/or air conditioning units.
- Interior
upgrades such as built-in appliances and wall-to-wall
carpeting.
- Exterior
upgrades like paving the driveway.
Any
tax-acceptable improvements are those that add value to your
home and prolong your home's useful life according to the
IRS, not you. So check with your accountant who knows IRS
tax law to make sure any home remodeling you do will be
covered. In addition, be sure you save receipts so you have
proof of cost.
Where To
Look For Kitchen and Bathroom Remodeling Products and
Services
If you’re not
a do-it-yourselfer, it’s probably best to get quotes from
home improvement contractors to help you with your
remodeling project. Most of the products needed for your
project can be found in various retail outlets or home
improvement stores. However, you can likely save the most
money by buying discount home remodeling products direct
from the manufacturer.
Remember, not
only will remodeling your home make it more livable and
enjoyable for you, but any renovations you make to your home
will increase its sale price…and maybe save you money come
tax time too.
If you are
looking for a Michigan remodeling contractor please call us
today at
866 226-9080 or complete our
online request form.
