Home improvement, also known as home renovation, is a process of changing or enhancing the appearance of an existing home. It includes interior and exterior projects. In addition, it involves making repairs and renovations to rental properties that are tax-deductible. Whether you plan on renovating or performing a landscaping project on your own, online services can help you find a contractor.
Renovations are cheaper than home improvement
Home improvement projects can cost tens of thousands of dollars. But thanks to rising home values, renovations are now more affordable. According to a Houzz survey, people are spending an average of $15,000 for renovation projects. That’s much cheaper than what you’d pay when you buy a new home.
Home improvements can range from repainting kitchen cabinets to replacing old windows. Changing small elements like paint can make a big difference in the appearance of a room. While major home improvement projects can cost thousands of dollars, small upgrades can be done for under $500. For instance, a fresh coat of paint can increase the value of your home by up to 50%.
Renovations are a good way to add value to your home and increase your net profit. Although you’ll have to spend some money up front, they’re worth it in the long run. If you can save up or get a loan to cover the costs, renovating your home is a worthwhile investment. Moving is a stressful and expensive experience. Depending on the situation, renovations can cost about the same as selling your home and moving.
Rental property repairs are tax-deductible
While you may be tempted to avoid repairs and improvements on your rental property, they are actually deductible. Rental property repairs and improvements are categorized as capital expenditures, which add value to the property. You can deduct these costs both in full for the current year and over time. You should keep itemized receipts for any repairs and improvements you make to your rental property.
In addition to property taxes and mortgage interest, rental property repairs and improvements are deductible as business expenses. This means that it’s essential to keep your rental property in good condition if you want to maintain a positive cash flow. You can also deduct the costs of certain repairs and improvements as part of depreciation, which is calculated over the life of the rental property.
Online services can help you find a contractor
If you want to find a contractor for home improvement projects, you can use online services that provide a list of contractors in your area. Some of these services are free while others may cost money. These online services allow you to look through a contractor’s credentials and ratings. It is always important to choose a reputable company for your home improvement project.
Some of these services have specialized websites and apps that match customers with providers. These websites often screen providers based on their ratings, which are then shared with customers. Some services offer a free trial period.
DIY landscaping projects
A DIY landscape project is a great way to enhance the look of your property. It can be accomplished in a day and requires minimal skill. You can use items you already have or purchase at a local buy-nothing group. For example, you can use stone and brick to build a walkway in your yard. You can also plant trees and shrubs for privacy. Artificial hedges are another great option because they require less maintenance and are cost-effective.
A DIY landscape project can be expensive, depending on the size and type of plants you choose. The cost can range from $100 to $1,000, but you can also create a beautiful, inexpensive landscape with a few inexpensive plants and flower boxes. Regardless of your budget, DIY landscaping projects can add aesthetic value to your home and add a walkaway in your backyard. You can also add visual depth by choosing plants that are different heights to create layers.
0% APR credit cards for home improvement
Using a 0% APR credit card for home improvement is a great way to save money on home improvement projects. These cards offer rewards like cash back and discounts. Moreover, they allow you to use the card anywhere major credit cards are accepted. But be careful: if you can’t pay off the balance in full, you might end up paying higher interest rates than you planned to. So, always pay off your purchases before the end of the intro-APR term or before the billing date. Otherwise, you might find yourself paying interest fees that will eat into your rewards.
When choosing a 0% APR credit card for home improvement, you should look for one that offers a large enough limit. There are cards that only offer a few thousand dollars in credit limit, while others allow you to borrow up to $40k. But be aware of the fees, as they are usually between 1% and 3% of the amount you transfer.