Home improvement is a broad term that covers a variety of activities that improve the way a home functions, looks and feels. These may include everything from minor updates to major renovations.
How to Make the Most of Your Home Improvement Projects
The best way to make sure your home improvement projects are successful is to plan out every detail of your renovation in advance. This will help you save money and ensure that the work is done in a timely manner.
How Do You Know When Home Improvements Are Tax Deductible?
There are two ways to write off your home improvements: a deduction or a credit. The former reduces your taxable income, while the latter increases your total tax return by increasing your refund.
Choosing Your Home Improvement Projects
If you’re planning to sell your home in the future, it’s important that your home improvement projects don’t affect its value. That means making upgrades that appeal to a wide audience rather than splurging on high-end features that might not be relevant to your target buyers, Fisher said.
DIY Versus Professional
According to the latest 2021 American Housing Survey, about 53 million (39%) of home improvement projects were DIY, up from 37% in the previous two-year period. The average amount spent on a DIY project was $2,500, compared with $6,350 on a professional job.
Do-it-yourself projects can be a good idea, but they must be done carefully and with the right safety precautions in mind. In addition, you should never start a DIY project without first consulting with a professional who can walk you through the process and provide expert advice on how to get it done safely and correctly.