home renovationsHome renovations aren’t just for maintaining your home; they can add a large resale value when putting your home on the market. It is estimated that 10.5 million homes will be remodeled this year, with 30% of them being completed for resale purposes. The following are some helpful tips to make the most out of your home improvement decisions:

 

  • Improve the flow of your home by de-cluttering and donating objects that your family doesn’t need or use.
  • Make unused smaller spaces into a functioning room.
  • Paint the walls. Neutrals are best and accommodate most people’s taste and style.
  • Have the woodwork refinished.
  • Update old fixtures around the house.
  • Try to do as much of the work yourself and save a lot of money. Hire a professional when it is necessary.
  • Add a modern touch to older cabinets with new hardware.
  • Plant flowers in the yard and update light fixtures.

The top three home renovations that offer the largest return are:

  1. Turning an attic into a bedroom. This is the most expensive renovation, costing an average of $50,148, however, it provides a return 73%. (Source: U.S. News and World Report)
  2. Remodel the kitchen. The average cost is $19,588 (Source: MSN) and provides an average return of 66%. (Source: U.S. News and World Report)
  3. Update the bathroom. The estimated cost to remodel is $16,552 with an average return of 62%. (Source: Consumer Reports)

Federal tax deductions are another benefit to home renovations. You can get a one-time federal tax credit of 30% of the cost of qualifying geothermal heat pumps, solar water heaters, solar panels, small wind turbines, or fuel cells placed in service for an existing or newly constructed home through December 31, 2016. (Source: Turbo Tax)

Home renovations can seem like a costly expense and investment, but the outcome can be financially rewarding and get your home to sell faster. If you put the time and money in now you will be rewarded in the future. If you are considering buying or selling in the near future, I can assist you in all facets of the real estate process. I work with excellent real estate agents and mortgage loan officers in the area. Please don’t hesitate to give Attorney Jim Brady and Associates a call at: 508-660-8888.