Spring has arrived! Even though it is rainy and a bit chilly today, many homeowners are starting to plan their home improvement projects for the year.
There can be a lot of tax benefits by doing the following home improvements:
- Installing a new HVAC system
- Adding more or newer insulation
- Putting on a new roof ( metal or asphalt)
- Installing a new water heater ( non-solar)
- Windows and doors
By adding the above energy efficient products to your home you could see a nice tax break at the end of the year, not to mention a significant savings in your over-all utility bills as well.
If your planning to do home improvements to increase the sale of your property the following list will pay you back ten fold:
1. Replace your front door
You may not even notice your front door anymore, especially if you regularly use another entrance, but a new steel front door makes a great impression on buyers and yields an amazing 96.6 percent return on your investment. If your front door doesn’t need replacing or you’d rather spend less money, you can paint it and replace the hardware for a similar impact.
2. Add a deck or patio
No matter where you live, buyers want outdoor living space. You can recoup 87 percent of your investment on a new wood deck. If you already have outdoor space, consider sprucing it up with a water feature, an outdoor fireplace or new landscaping.
3. Add space or an attic bedroom
Depending on your budget and your goals for your home, an addition of extra bedrooms and bathrooms, a finished attic or an expanded casual living space can rapidly increase the value of your home. You can recoup 84 percent of your investment in a new attic bedroom.
4. Replace your garage door
An upscale or midrange garage door recoups 83 percent of your investment. Manufacturers offer a host of styles and choices, from plain steel panel doors to energy-efficient, insulated models with glass windows.
5. Remodel your kitchen
Buyers look most carefully at kitchens and bathrooms, so you should, too. You can recoup 82 percent of a minor kitchen remodel and 74 percent of a major kitchen remodel. If you’re selling soon, don’t overspend on your kitchen. You may be able to do a couple of relatively minor fixes, such as replacing the appliances and painting the cabinets, or just replacing the counters with granite to garner a good offer.
6. Replace your windows
Buyers are interested in how your windows look and their energy efficiency. Whether you’re replacing vinyl- or wood-frame windows, you can get a 79 percent return on your investment. When you’re ready to market your home, be sure to highlight the new windows as a selling point.
7. Replace your siding
If your home’s exterior needs a major makeover, you can typically recoup 78 percent of your investment by replacing vinyl siding. If you replace your siding with a fiber-cement mix, you can recoup a whopping 87 percent of your costs.
8. Basement addition or remodel
These days, it’s all about space for entertaining. Recoup 78 percent of your investment by adding or remodeling a basement. Finish the lower level of a house to create a 20-by-30-foot entertaining area with wet bar and a full bathroom.
9. Update your bathroom
While a full, upscale bathroom remodel project can cost over $50,000 and add only about $32,000 to your home’s resale value, you can make cost-effective minor upgrades.
Get a 73 percent return on your investment with these bathroom upgrades: Replace your fixtures and your mirror, repaint the space and jazz it up with some crown molding (depending on your home’s style), and you’ll have a space that looks new. While you’re there, redo the caulk around your tub and shower and replace the grout on your tile flooring. If your tub is in bad shape, you may be able to have it resurfaced rather than replace it.
10. Two-story addition
For a 72 percent return on investment, add a first-floor family room and a second-floor bedroom with full bathroom in over a crawlspace. You can add a new heating, ventilation and air-conditioning system to handle the addition, and electrical wiring to code.
Courtesy: msn real estate
Photo courtesy: David Papazian/Getty Images