Investing in home improvements can be a great way to add value to your home and to make it more attractive to potential buyers. There are a few things to consider before making any decisions.
A new front door is a simple, inexpensive way to improve the look of your home. If you have older siding, consider cleaning it to remove dirt buildup. You can also replace broken pavers or flaking paint. If your home has a deck, consider pressure washing it.
Home improvements are typically tax-deductible. However, if you plan to sell your home, you may be required to itemize your receipts and keep track of labor costs. You will also have to keep records of your capital improvements for at least three years.
According to the Harvard Joint Center for Housing Studies, the peak in home remodeling will occur in the first quarter of this year. However, the growth rate is expected to slow to a sustainable level.
The survey found that three-quarters of consumers plan to do at least one major home improvement project in the next year. The most common improvements include working on the outside of the home, a garage or a deck. Most home owners plan to hire a contractor for some of the work.
Axiom, a Minneapolis-based marketing firm, recently conducted a survey of consumers to learn more about their home improvement plans for the next year. The survey asked consumers about their recent projects, what they planned to do in the next year, and their expertise.