The current trends are all about utilizing rich color, maximizing texture and creating comfortable interiors. Use these top 5 home design trends of 2017 to get inspired. Makeover your home’s interiors and create spaces you love that also appeal to your personal style. Remember, if you plan to sell in the next few years, you may want to avoid doing anything dramatic. Instead, incorporate small changes that would appeal to buyers.Continue reading Top 5 Home Design Trends of 2017
Bathrooms and kitchens are still the rooms consumers are most willing to remodel or upgrade according to the National Association of Home Builders. These have been the top rooms since 2001.
Whether you’re putting your home on the market this year or in the next five years, it is a smart decision to start building your home’s resale value now. Here are some ways to create a comfortable home while making it easier to put more money into your bank account on closing day.Continue reading How to Amp Up The Resale Value of Your Home
If you need to hire a contractor for a project in or around your home, you want to make sure you hire the right one. Here are some tips to help you do that.
Get recommendations from family or friends. I can recommend contractors and am always grateful for any recommendations you have for me. You can also check with building inspectors and supply houses to see who they recommend.Continue reading How to Hire a Contractor
Improvements must add value to your home, prolong its useful life or adapt it to new uses. Repairs are routine in nature to maintain the value and keep the property in an ordinary, operating condition. They do not raise its basis.Continue reading Raise the Basis and Lower the Gain
Remodeling projects are on the rise! Last year the home improvement market grew by over five percent and one in five new homeowners undertook a home improvement project. This year the Leading Indicator of Remodeling Activity (LIRA) expects home improvement spending to continue to increase by as much as 9.9 percent over last year. Metrostudy’s Residential Remodeling Index (RRI) also predicts growth in home improvement spending. This is good news for job seekers and the economy in general.
There is a significant difference in how the money you spend on your home is treated for income tax purposes. Repairs to maintain your home’s condition are not deductible unlike those made by rental property owners that can be deducted as an operating expense.
On the other hand, capital improvements to a home will increase the basis and affect the gain when you sell which may save taxes.
The more things you have, the more you have to take care of. And in this case, the more that you have to store that gets in the way of finding the things that you actually use. Periodically, you need to go through every closet, drawer, cabinet and storage area to get rid of the things that are just taking up space in your home and your life.
The energy-efficient home upgrades tax credit is scheduled to expire on December 31st this year. If you need to make improvements to your home, this could be an incentive to do it before the end of the year. If you have already made qualifying improvements without realizing the tax credit is available, it may seem like a holiday gift you weren’t expecting.