Remodeling and Renovation Talk
Home Improvement is the best way to increase your home’s value, make it more comfortable and livable, and to increase your pride of ownership.
Remodeling and Improving your home can actually pay for itself! That’s right, pay for itself.
Most improvements have a significant return on investment. Expert rate, depending on the renovation project, that home remodeling projects will increase the value of your home by anywhere from 50 to 80% of what you spend. There is no other utility purchase that comes even close to that. Consider if you buy a car for $25000. As soon as you drive off the lot, on average, the value of the vehicle decreases by at least 20%.
There are other benefits to fixing up your home. With the right products like insulated siding, high efficiency windows, light colored roofing, and other energy efficient products, you can save money month after month on utilities. If you pay $300 per month on utilities before you do any projects. And after you save only 25% (homeowners have reported saving 20-50% or more), you would be saving $75 per month.
There are also some tax incentives available on certain projects and certain products (check with your accountant) that can qualify you for up to a $500 tax credit. That’s not a $500 deduction but a 500 dollars directly taken off of your taxes. Your accountant should be able to point you in the right direct as to what projects qualify.
Beyond the money you are saving on utilities and energy, the money you are putting back in your pocket in tax savings, and the valued increase of your home by making improvement, these projects also make your home more comfortable, cleaner, more attractive (curb appeal), and make you proud of your home.
So as you can see, there are money advantages to completing home improvement projects, especially on the exterior of your home. Not only financially but also aesthetically and kinetically.