No matter the state of the housing market, the cost, and effort of a remodel could very well be worth it if it’s something you’ve had in mind for a long time. Remodeling almost always gives you a significant boost to the resale value if that’s your intention, while the added beauty and comfort make living in your old home a new and exciting experience.
With a brand new property or remodel, you can start fresh. You’ll have the opportunity to build in attractive features as you develop an identity for your property, making choices that will add value to the unit long-term.
With refinancing interest rates at appealing lows, you might be considering using your home equity as a means of making the home renovations you’ve been wanting. However, not all renovation projects come with the same rate of return on investment (ROI). Here are the top 10 home improvements for your Idaho home.
If you’re still working on your tax filing for this year or looking ahead to next year’s, you want to understand what the difference is when it comes to deducting a capital improvement on your home versus what constitutes a repair. These are two separate distinctions in the world of tax filing that can have an impact on the value of your deduction.
How much wear and tear can it withstand before the user starts to show? How much does it cost to fix the damages? How often do you find yourself paying for expensive repairs?
With maintenance costs cutting into your rental profits, you want to think long-term when it comes to upgrades and preventative maintenance. While the initial costs of these upgrades might be expensive, you’ll find you will save money in the long run through low-maintenance renovations.
Determining what qualifies as a capital improvement versus making a repair is important, considering they are calculated differently when filing taxes. When preparing your taxes, you should always consult with the IRS and|or a certified accountant to decide what deductions are applicable to you and your specific situation.
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