Home Improvement – Add Value to Your Home Without Going Into Debt
Home improvement can be a great way to improve your home and add value without going into debt. But before you begin a home renovation, it’s important to consider what projects can add the most value to your house and whether or not they will be worth the time, energy and money spent.
DIY Projects That Add Real Value
Painting, re-grouting tile and power washing the outside of your home are all low cost, high value projects that can help boost your home’s curb appeal while adding to its resale value. You can also increase your home’s value by renovating your kitchen or bathroom, replacing the roof or improving your basement.
Capital Improvements: Tax-Efficient Solutions
The money you spend on home improvements can be deductible as part of your property taxes when you sell the house. You can even claim tax credits on some energy-saving improvements.
Contractor Contracts: Protect Your Money
A home improvement contract is a legal document that must be in writing and signed by both the consumer and contractor before work begins or any money is paid. It must include a description of the work to be performed, materials to be used and dates for completion.
Paying for Home Improvement: Financial Options
You have several financing options available when you want to make a home improvement. A home equity loan, for example, is a type of second mortgage that can be used to fund a variety of renovations and repairs. Personal loans and other types of credit cards may also be useful for funding home renovations, but their interest rates are higher than other options.