Home improvement, also known as home renovation or home remodeling, is a popular hobby that people have for various reasons. These projects are designed to improve the current look of your home, either inside or outside. Some projects can even be tax deductible. There are many benefits to performing home improvement projects yourself, including improved aesthetics, increased property value, and increased energy efficiency. Listed below are some ways to get started on a home improvement project. To get started, plan out your project and know what to expect from the results.
Cost of home improvement projects
If you are planning on doing some home improvement projects, you will probably be interested in figuring out how much these projects will cost. The amount you spend on your renovations is directly proportional to the size of your home. The bigger the house, the more materials you’ll need to complete your home improvement project. For example, if you want to install new roofing on your house, you’ll have to spend more than $10 per square foot. The same goes for siding.
Tax deductibility of home improvement costs
While most improvements can be deducted in the same year, certain types of renovations can only be claimed in subsequent years, or only if you sell the property. Energy efficiency improvements, for example, should be claimed in the same year as they’re made. And if you want to claim a home office tax credit, you should do it in the year you make it. If you’re looking to improve your home for rental purposes, you should also make sure you claim the cost of adding an accessible bathroom or a new kitchen.
Contractors to hire
Before hiring a contractor for a home improvement project, you need to check their credentials. Generally, a contractor’s references include at least 10 jobs, with the name of the customer, telephone number, and address. Contact these customers and confirm that the contractor is covered by liability insurance and workers’ compensation. If they do not have the required credentials, cross them off your list. You can also check the Better Business Bureau for complaints.
Common mistakes to avoid
One of the most common mistakes people make when doing home improvements is not measuring the space accurately. The results of measuring incorrectly can be disastrous, and could end up costing you money and headaches. In addition to under or over-purchasing materials, you may not have enough room to install appliances and furniture. If you’re unsure about measuring properly, it’s a good idea to hire a professional.