The issue is that most folks don’t know where to begin when it comes to house improvement. The two most popular areas for renovating to boost property value are:
- Remodeling a Kitchen
- Remodeling a Bathroom
The great thing about these two types of home remodelling is that they aren’t particularly big. Unlike opening a den, which necessitates the removal of walls, a bathroom or kitchen remodelling project is carried out on a lesser scale. As a result, you won’t have to spend as much money on your home remodelling job to make it look new and fresh. Learn more by visiting Remodeler.
But first, let’s look at some specific tasks that will boost the value of your home in these two areas.
Remodeling a Kitchen
If you’re thinking about redesigning your kitchen, the cabinets are a fantastic place to start. This is because they are one of the first things you see when you walk into a kitchen. Painting any exposed walls with a new coat of paint is also beneficial. The space will not only smell better, but it will also appear new. Other things to include on your to-do list include:
- Appliances that are new
- Sinks Made of Stainless Steel
- Countertops have been replaced.
- Backsplashes or new tiles
- Flooring Options: Hardwood or Laminate
New furniture, such as breakfast nook tables and chairs, island carts, or barstools, can be included in a kitchen redesign. You don’t have to spend a lot of money on your kitchen renovation. It only needs to appeal to potential purchasers on a visual level.
Remodeling a Bathroom
Bathroom remodelling, like kitchen remodelling, raises the value of your property. Even better, the bathroom is smaller than the kitchen…at least in most houses. So, if you’re thinking about upgrading your bathroom to increase the value of your property, don’t forget to upgrade the following areas:
- Sinks, Cabinets, Countertops, and Vanities
- Tubs and Showers Flooring and Tile
- Taxes are reduced when you remodel your home.
Another fact that many individuals are unaware of is that home renovations may provide additional tax benefits. The following is how it works:
A capital gains tax is imposed when you profit from the sale of a residence. That implies you could be taxed on any money you earn above the value of your home. You can, however, declare some modifications you made to a home, such as kitchen remodelling or bathroom renovations, according to IRS Publication 523, Selling Your Home. This can also include things like:
- Bedrooms, baths, porches, and other improvements
- 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.