The right home improvement can add a significant amount of value to your home. However, it’s important to be highly selective, as not every change you make will have an impact on the price. With more and more people renovating instead of moving, is it time to take a look at the changes you can make at home?
Are home improvements really worth it? The answer is a resounding yes! Engaging in common home improvements can dramatically increase the aesthetic appeal and market value of your home, turning your living space into an inviting, modernized retreat. Boosting your property’s value isn’t just beneficial if you’re planning to sell; it also contributes to a stronger financial future. It’s akin to financial planning but for your property.
10 – Loft Conversion
A loft is often a highly under utilised space that can add a great deal of value to your property. With an upgrade to your flooring, compact furniture and some on trend accessories, you can totally transform this unused space.
However, it’s important to note that loft conversions require careful planning and consideration. This includes checking the viability of your loft space, obtaining necessary permissions, and hiring professionals for construction and safety checks. If done right, your loft conversion can be a smart, creative, and profitable home improvement.
09 – Fresh Paint
When it comes to adding value to your home, you don’t need to always overhaul a room in its entirety. Sometimes, even little updates can make a difference, so don’t be afraid to quickly spruce up neglected areas of your home with a fresh and on trend lick of paint.
08 – Essential Repairs
Maintaining your home should be a top priority. From repairing leaks, eradicating mould and replacing faulty or broken equipment; all of these things play a part in the overall look and feel of your home, as well as it’s functionality!
07 – Energy Efficiency
There’s no avoiding it; being energy efficient is the future. Homes that boast things like robust insulation, smart meters and energy efficient windows are more likely to not only increase in value, but are likely to sell quicker too.
06 – Kitchen Upgrades
If you can afford it, upgrading your kitchen is a home improvement that can often add between 5 and 15% to the value of your home. Remodelling and rejigging, new doors and new worktops are among the jobs you can do to refresh the heart of your home. Top tip: shop around to keep costs down!
05 – Retiling to Create A New Look
Something that can be done across many rooms, updating tiles in the kitchen, bathroom and even living spaces to be in-keeping with the current trends can help keep you ahead of the rest of the properties on the market.
04 – Handles
And on the subject of kitchens, if a full renovation or retiling isn’t an option financially, why not simply change the handles to create a more modern look and feel?
Replacing old, worn-out handles with modern, stylish ones can significantly boost your home’s overall aesthetic. It’s like giving your doors and cabinets a mini makeover! New handles can also enhance functionality, especially if the old ones were becoming stiff or loose.
03 – Outdoor Space
Adding things like decking to your garden (if you have the space) helps the increase your home value. As a very desirable feature for potential buyers, especially as the weather improves, if you make your outside space more appealing, your home will be more appealing. Oh and don’t forget about potted plants too!
02 – Update Old Electrics
It may seem like a menial task, but it’s one that can really help! Updating the wiring if you have issues and changing socket faces from old fashioned brass to modern chrome finishes, can help boost a rooms overall appearance and be more attractive to buyers.
Old wiring can be a fire hazard and may not comply with current regulations. Upgrading your electrical system can improve the safety of your home and allow for modern amenities like smart home technology. Plus, energy-efficient lighting can even save you money on your utility bills.
Though it requires an upfront investment, the peace of mind and potential energy savings make this a wise and worthwhile improvement. By consulting with qualified electricians, you can ensure that this vital common home improvement is carried out to the highest standards, enhancing your living experience and your property’s value.
01 – Kerb Appeal
Last but not least, how your home looks from the road and it’s first impression is paramount. Give the exterior a simple makeover by cleaning the drive, weeding, touching up any paintwork and repairing any cracks.
You don’t have to choose the most expensive improvements to add value to your home, but by adopting some of these top tips, you could not only help to increase the asking price, but almost guarantee a quicker sale too.
What changes add the most value to a home?
So, what changes add the most value to a home? The key to identifying valuable home improvements lies in recognizing those that offer the greatest return on investment. For example, cheap home improvements that emphasize modern, sustainable, and energy-efficient features can be exceptionally effective. Moreover, focusing on areas such as the kitchen or bathroom that receive significant daily usage can also pay off handsomely. Ultimately, collaborating with experienced home improvement companies can provide valuable insight and help guide your renovation journey.
Understanding Home Improvement: Is It Tax Deductible?
The world of tax deductions can feel like a labyrinth, especially when you’re dealing with something as personal as your home. To help you navigate, let’s break down the connection between home improvement and tax deductions.
In the realm of tax law, home improvements are typically seen as capital improvements. What does this mean? Essentially, these are changes that increase your home’s value, extend its life, or adapt it to new uses. This can include anything from installing a new roof to adding an extra room. Unfortunately, these types of improvements usually aren’t tax deductible.
However, don’t lose hope. There are a few key exceptions that could offer you some financial relief. For instance, if you’ve had to make home improvements for medical reasons—say, installing entrance ramps or modifying bathrooms for better accessibility—these costs can potentially be deducted as medical expenses. Every penny counts, right?
Additionally, if you use part of your home for business purposes, you might be able to catch a break. The cost of improvements made to this specific area could be deducted as a business expense. Now that’s a way to make your home work for you.
Although the topic may seem daunting, it’s critical to keep accurate records of your home improvement costs. Consulting a tax professional can also shed light on any potential deductions. While the immediate tax benefits may seem few and far between, remember that home improvements can increase the cost basis of your home. This could mean a lower taxable gain when you eventually decide to sell your property.
So, while your shiny new kitchen might not get you a tax deduction, it could still pave the way for a more financially secure future. After all, home is where the heart—and sometimes, the tax break—is.