Pandemic and The Surge of Home Improvement Projects
During the pandemic, and the resultant lockdowns and stay at home orders, many people were forced to look at their homes in a whole new light. Things that could be ignored about their homes, became glaring realities when forced to live with them 24/7. More than a few landed on the idea of home improvements, home remodeling, or renovation. These home improvements include projects which update an existing house interior, external or other renovations to the property itself. The flood of home improvements were both big and small-from a mere change in color scheme, to a new kitchen, bath or home office.
1. Benefits Of Home Improvement Projects
The best reason to start a home renovation project is to improve the way that you and your family can utilize your home. Sometimes it is easier and more cost effective to fix the problems with the home that you have than to try to find a different property that fits you better. Home improvements are tax-deductible to some degree if made on your main residence. These include repairs to the roof, flooring, window treatments and other improvements to the house. Home improvements made on your vacation home are typically not tax-deductible, although there are exceptions. If you’ve built the house yourself, you can claim a tax deduction of fifty percent for the cost of the materials used in the construction. The same is true if the home improvement is done primarily as a result of profit.
Tax benefits for home improvements are subject to limitations, of course, such as the amount of property that may be taken in deductions. You may receive a deduction for expenses related to furnishing an attic, but you could lose a bigger deduction if you include a second bathroom. There are also several situations where you may receive a refund, including mortgage interest and real estate fees, if your expenses exceed the total amount that you can deduct.
2. Most Common Home Projects During The Pandemic
Home renovation projects during the Pandemic seemed to favor the practical over the cosmetic.
The most common renovation projects for the last year have been:
- Home Office Addition
- Finishing off a basement
- Garage Addition
- New Kitchen
- Upgrade Bathroom
Home automation systems and green energy/energy efficiency upgrades are also among the top home improvements as these kinds of projects can result in a lower Nyseg utility bill.
3. Home Upgrades On A Budget
When you’re planning your home improvements, it’s important that you remember to include all of your major expenses such as the labor costs involved with renovating your home, any materials needed to make those improvements, and any taxes that you’ll need to eventually pay on them. Remember to include expenses for any insurance policies you require for your project. Finally, you should also make sure to include any additional expenses that you incur to expand your project like legal fees, architectural fees and permitting cost that are needed for your project. Many people tend to overlook these types of budget items as unnecessary. However, you’ll find that this is simply a myth and it doesn’t make sense to ignore any of these expenses when calculating budget.
4. Find a Good Contractor
When looking for a home improvement contractor, you need to make sure that they have plenty of experience in dealing with whatever project you might want to have done in your home. Also, you can always get references from past clients. If you cannot find any good references, you should take the time to contact other people who may share the same sentiments as you do about the quality of home improvement work of your potential contractor.
Follow these 5 steps to make your project go smoothly and have the finished product meet your expectations:
- Build a Detailed Home Renovation Outline
- Set a Project Budget for Your Project
- Build a Realistic Timeline in Conjunction with Your Contractor
- Pack Up and Prepare for Your Home Renovation
- Complete Structural Projects Firs
Finally, you can always look at home improvement books, magazines, or websites to give you tips and ideas on how you can improve the quality of your home. There are many sources of these home improvement publications, so you will not have a hard time finding them. The Internet is also a great source of information about home improvements. However, if you still feel that you are in need of further information about home improvements, then it would be best for you to consult a home improvement expert such as an electrician or a home building contractor.
Final Thoughts
These are just some of the things that you need to consider before you embark on your home improvements. You should also try to choose projects that are within your budget. Once you have completed the project, you will definitely have a more enjoyable home that will serve you and your family for years to come.
Thank you,
Glenda, Charlie and David Cates
