Tag: home improvement

Categories
Financial Health & Home Home Improvement Tax Services

Are Home Improvements Tax Deductible?

are home improvements tax deductible

Tax code is a complex web of rules and regulations. Things you would never expect to be tax deductible are, while others that you might be certain are tax deductible are not. So, are home improvements tax deductible?

No, they are not ordinarily tax deductible. But that is not the full story.

What Home Improvements Are Not Deductible?

Home improvements will not count as tax credits on a home that you are currently using yourself. Whether it is a home you live in year-round, or a beach house you live in during the summer, these are the kinds of homes that you get no tax credit for improving.

However, you can get tax credit for the improvements you make to a home (or part of a home) that you use as part of a business.

If you sell a home, for instance, or if you rent it out during certain parts of the year, then the improvements you make to it become business expenses.

What kind of improvements count as the kind that will give you tax deductions?

Well, so long as the improvements extend the life of the home, or adapt it to new situations, the improvement will count as a tax deduction. Sadly, this means that luxuries like entertainment systems and saunas do not count as tax credits.

Interestingly, the definition of “improvements” in the context of taxes is rather specific. If you repair your roof or prepare it for harsh weather, that counts as an improvement that can be tax deductible if you sell or rent out the home.

If you call an exterminator to clear the house of bed bugs, rats, or termites, that can also count.

But what if you do not have a second home to rent out?

What if you do not plan to sell your current home before the end of the year? Is there anything you can do?

Well, yes. Odd as it is, if you register your home office as a part of your business, then money that you spend on that office is tax deductible. Sadly, this does not come with as many loopholes as you might think it does.

You cannot just install a new entertainment system, call it your office’s break room, then expect to be able to write that off as tax deductible.

A good example of how the office deductions work is thinking of replacing your roof or windows. If you replace five windows, but only one window for your office, then 20% of the cost of those window replacements is deductible.

One very important note: Improvements can only be deductible if they exist at the time taxes are incurred. So, if you install weathering on your home, but that weathering is gone by the time you sell your home, then you cannot use that weathering as a tax deduction.

Taxes are a truly dizzying maze of rules and regulations. While home improvements are not meant to be deductible, doing so is still possible.

Categories
Health & Home Home Improvement

Home Trends Experts Say Will Dominate 2021

home trends of 2021

As we make our way further into 2021, we are starting to see shifts in design trends. What was once considered a popular home style is being replaced with several new looks. If the start of the new year has left you feeling inspired to start fresh, why not tackle some of these house projects? Leading design experts expect many home improvement projects centered around these seven trends.

Cozy Textures

It’s no surprise that so much time in our homes has caused many of us to reconsider our past style choices. Though sleek and chic designs are beautiful, they aren’t always the most comfortable. If you’re going to be spending a lot of time in your home, you want it to be cozy.

We expect to see a lot more integration of ultra-cozy pieces. Some of the most popular trends you can expect are faux furs, Sherpas, and chunky-knit blankets. Adding layers of various textures can create the cozy feel that so many of us need in the midst of a pandemic.   

Dark and Moody Colors

Since we are seeing so many people tackle house projects during this time, it’s not a surprise that some experimentation is happening. Though dark and moody colors are a bold choice, there’s no better time to try something new!

If you aren’t feeling brave enough to paint your whole office in one dark color, there are many ways to balance it. You can consider adding a single dark wall or playing with color in a room with a lot of natural light. Designers say that dark paint can make a big impact, so it is often a risk with a huge payoff.

Multifunctional Spaces and Furniture

Many children are still learning from home, and many of us adults are still working from home. It doesn’t look like any of this will be changing immediately, so it makes sense that a lot of homeowners are looking for multifunctional spaces. These kinds of pieces can include desks that double as chairs and vice versa, bedrooms that double as home offices, and more.  

Even outside of a pandemic, transitional designs give you more flexibility. More homeowners are looking at this home trend as an opportunity to pick pieces that are as beautiful as they are functional. That means that they still add something to the room even when they aren’t being used.

Neutral Colors

For those who still aren’t sold on the moody tones, have no fear! Neutral is still sticking around this year. Specifically, we’re seeing a lot of warm undertones in our neutral colors.

This home style is perfect for people who are going for a more relaxing setting. With all that is going on in the world, it is more important than ever that our homes feel like an escape. Best of all, it is easy to add bold accents to neutral designs when you’re finally feeling ready to embrace some color.

Mixed Metals

Gold and brass have already started to make their way back into home improvement projects. Whether the accents are through fixtures, knobs, lamps, or other accents, the home trend has continued to grow.

Not everyone is ready to ditch every silver finish in their home, so we are seeing a trend of mixed metals. If you’re feeling even more adventurous, now is the time to try adding some copper to the mix as well!

Natural Materials

Along with neutrals, natural materials have been a popular home trend for a few years, but experts say it isn’t going anywhere anytime soon. The change is in the way the materials are used. Caning and wicker are used in new ways with lighting, window treatments, and more.

We can also expect to see more wood used around the home. Many people are adding their own modern twist to wood molding to add visual interest to their walls. In fact, this home improvement project is easy to DIY, but it makes a huge impact in elevating a space.

Get Started on Your 2021 Home Improvement Project

These home trends aren’t only the start of what should be an exciting year in interior design. We hope that this list has left you feeling inspired to experiment with your own house while spending some much time inside. You can also consider taking this time to increase your home’s resale value with these home improvement projects!

Categories
Health & Home Home Improvement Wellness

Spring Clean Your Life: How to Do it in Just 30 Days

spring clean your life

More critical than cleaning your home this spring is to clean your life: de-clutter, let go, and replenish the good that you’ve lost over time. A detoxed, cleaner, lighter, and healthier heart and soul is highly beneficial for a better life.

Here is how you can do it all in just thirty days:

First Week

Begin the first week by prioritizing good health. Swap out unhealthy food items from your diet for whole foods and organic ingredients. Next, assess your financial status and eliminate all unnecessary and unfruitful expenses.

If you haven’t started working out, build a routine immediately and choose exercises you enjoy comfortably. Then, reorganize and clear your pantry.

Second Week

Check your emotional status and let go of emotional baggage that is weighing you down. Clean and transform your shower, try to stop complaining, and look at things more optimistically. Keep your finances on track, too, while reducing all unnecessary spending.

At this point, it would be good to survey your bank statements and cancel the recurring charges you don’t use regularly. Focusing on your financial security is as essential as prioritizing your health.

Quit social media channels that don’t make you feel good anymore or cause jealousy, frustration, and ungratefulness. Reorganize your closet, donate old clothes and also build a good bedtime routine.

Third Week

The point of spring cleaning your life is to let go of all the negativity that ruins the quality of your life. Bitter and negative emotions are prime examples, and in the third week, you must make an action plan for letting go of stress, anger, and loneliness from within.

Just as you’re letting all the emotional junk flush out of your system, simultaneously keep clearing the junk from your drawers as well. Start focusing on healthy home food and invest more effort into meal preps for the week ahead.

When you’re eating well and feeling healthy emotionally, too, life seems to feel a lot better. In case your mind is unable to let go of its burdens, try penning your emotions down onto paper. The therapy might help.

Fourth Week

Now is the time to give your relationships an overhaul. It’s time to categorize your people into relationships you want to continue and enjoy and break out of toxic burdensome and feel like an emotional trap. If it takes reducing your circle to keep only the good ones in life, then go ahead and do it.

Also, take your exercising regime a level higher this week. Go for sweaty cardio and steam showers after, deep clean your rooms, fill free time with stimulating hobbies and improve your skincare routine. By now, you have undoubtedly saved enough to invest in non-toxic and beneficial skincare products.

Start converting some areas of your home into tech-free spaces, filling them with indoor plants and greenery instead. Spread a purifying vibe across your home this week.

Final Thoughts

With our clear and precise guide, you can spring clean your life quite effectively in just thirty days. From feeling accessible emotionally to living in a clutter-free, green home, you’ll love every aspect of your non-toxic and reorganized life.

Categories
Health & Home Home Improvement

Converting Your Shed into a Living Space You’ll Love

convert your shed

Do you have a vacant shed taking up space in your backyard? Have you ever thought about converting it into additional living space? If so, this guide is for you!

Sheds can be converted into several types of living spaces. You can easily transform your structure into a cozy she-shed, a guest suite, or a place to work from home without any distractions. Regardless of your goals, there are a few simple steps you can take to make your shed into a comfortable space.

Install Insulation and Seal Cracks

If your shed already has electric, then you can start insulating right away. If you want to add more wiring, outlets, or any plumbing, that needs to be taken care of before you insulate. Otherwise, you’ll have to tear down your drywall and insulation!

Once that is done, you can install insulation. If you plan to spend time out there year-round, you’ll want to make sure that it is as comfortable in the heat of the summer as it is in the dead of winter. We recommend that you take the time to install insulation in all of the stud space of your shed. From there, you can cover the insulation with drywall to give a more finished appearance.

We also suggest that you go through the shed and identify any drafts or cracks. All of these should be sealed off for energy efficiency and protection from the elements. You can easily install weather strips in areas that feel drafty in cool temperatures.

Add Heating/Cooling To Your Shed

With the electric and insulation installed, you can add heating and cooling to the shed. There are several different options designed to fit a variety of budgets and needs. If you want something simple that doesn’t require a difficult installation, then a space heater or window air conditioner is a great option. If you plan to spend a lot of time in the shed, we recommend that you invest in something a little more efficient, even if it is more challenging to install.

Increase Lighting

Many backyard sheds lack adequate lighting, so you’ll want to remedy that solution by installing lights or buying table lamps. If at all possible, you should take advantage of natural light. You can do this by replacing the shed door with glass doors, installing windows, or adding a skylight. Your options are only limited by your budget and design goals!

You might want to consider adding outdoor lighting so that you can enjoy the space in the evening. You can add string lights around your garden, or you can install a porch light by the door of the shed. These lights will also help light your path if you need to go back and forth from the shed to your house in the middle of the night.

Add Furniture and Decor In Your Shed

Your shed should finally start to look like a living space with all of the basics done. The only things that should be missing are personal touches that truly transform it into a place you’ll love to hang out in. The type of furniture and décor you choose will largely depend on how you plan to utilize the space.

If you want a little home gym, you won’t need much furniture, but you’ll need plenty of equipment. A hobby shed should have ample workspace and storage for all of your craft items.   A guest room could have a futon, small café table, and a television. It’s entirely up to you and your imagination!  

Convert Your Shed Today

With so many of us spending time at home, there’s no better time to add extra living space to your property. We suggest that you start converting your shed today if you want to create a she-shed, guest house, home office, or gym. You can learn more about how to renovate your shed by researching DIY home improvement.

Categories
Health & Home Home Improvement

5 Home Improvement Projects to Boost Resale Value

Home Improvement Project

Are you planning to sell your starter home and want to raise its value so you can buy your dream home? Are you trying to flip a fixer upper you recently purchased as an investment? If so, keep reading for the best home improvement projects.

We have four home improvement projects for property owners looking to increase their house resale value. Whether you plan to sell immediately or sometime in the future, we are confident that the following these home improvement projects can make your home more beautiful, comfortable, and valuable.

Install Energy Efficient Products

From Houston to Milwaukee, a well-insulated home makes a huge difference in your energy bills. Therefore, many people seek out homes built with energy efficiency in mind. If your home is especially old and drafty, you need to consider replacing your doors and windows before selling your home.

If the siding has seen better days, we recommend that you upgrade the exterior as well. Not only does this increase your home’s curb appeal, but insulated siding makes your home much more comfortable inside. The same can be said for insulated roofing as well.

That’s not all!

You can also make your home more attractive and valuable with new appliances. Though some homeowners choose to take their appliances with them, many buyers love when they stay, especially if they are energy efficient. You can use this as an excuse to replace your washer, stove, or refrigerator!

Renovate Your Kitchen

Speaking of stoves, the kitchen is one of the most important rooms to many buyers. It’s the place where they prepare all their meals and bake with their children. Buyers want it to be functional and beautiful, but kitchen remodels are often too overwhelming for current owners.

You don’t have to do a total renovation, though. There are plenty of small home improvement projects you can do to upgrade your kitchen without investing too much time and energy. In fact, you can expect a great ROI from: 

  • Cabinet Refacing
  • New Fixtures
  • Backsplash Installation
  • New Counter

Install Hardwood Floors

Since carpet shows sign more wear and tear more than hardwood or tile, it quickly brings down the appearance of your home, which makes it less valuable. Many prospective buyers even look at carpet as an added expense because they know will have to replace it. As a result, they may offer less than your asking price.

On the other hand, hardwood floors hold their value for decades. Not only are they elegant and classy, but they are easy to clean. We recommend installing solid hardwood floors in particular because they are tougher and more resistant to dents and scratches. If they do happen to get some damage, however, you can easily sand and refinish them without having to install all new flooring. For all of those reasons, wood floors are very appealing to buyers.

Finish Your Basement

If you own a home in the South, you can probably skip over this step. However, basements can be a huge selling point for buyers in the Northern and Mid-Atlantic states. A finished basement can add up to $30,000 to the resale value of your home.

Why?

Homeowners love having extra square footage, especially if it is heated and livable. Though an unfinished basement still increases your home’s value, adding carpet, drywall, and trim can elevate the space. Whether you turn it into a place for guests, a man cave, or a playroom, it is sure to impress prospective buyers.

Start Increasing the Value of Your Home

If you can DIY some of these home projects, you can get an even higher return on your investment, but even with help from a professional, you can increase the value of your home. We recommend that you assess your home and budget to find the perfect projects for you. You should also speak with a realtor to find out which items are especially important to buyers in your area!