Home Remodeling: Which Rooms to Remodel to Sell Your Home Quickly
Many people take advantage of home remodeling to increase the value of their home. They often sell their property faster and at a higher price thanks to their accomplishments in home remodeling. Many times you can earn $ 2-3 for every $ 1 you spend. That means that remodeling your home can really pay off.
The problem is that most people are not sure where to start with their home remodeling project. The two most popular areas to increase home value through remodeling are:
- Kitchen Remodeling
- Bathroom remodeling
The wonderful thing about these two areas of home remodeling is that they are not very large in nature. Unlike opening a study where you need to remove walls, a bathroom remodel or kitchen remodel project is done on a smaller scale. As a result, you don’t have to spend as much money on your home remodeling project to keep your home looking fresh and new.
But let’s take a look at some specific projects that will increase the value of your home in these two particular areas.
If you are considering a kitchen remodel, a good place to start is cabinets. That’s because they are one of the first focal points you notice when entering any kitchen. A fresh coat of paint on exposed walls also helps. The room will not only smell fresher, it will also look new. Other items on your to-do list may include:
- New appliances
- Stainless steel sinks
- New countertops
- New tiles or backsplashes
- Hardwood or Laminate Floors
Your kitchen remodel can also include new furniture, such as breakfast table and chairs, island carts, or bar stools. You don’t need to spend a small fortune on your kitchen remodel project. It should only appear visually appealing to potential buyers.
Remember, the newer your home appears, the sooner it will be sold at the price you want. Remodeling your kitchen is a cost-effective way to do just that.
Like kitchen remodel, bathroom remodel also increases the value of your home. Better yet, the bathroom is even smaller than the kitchen … at least in most homes. So if you’ve considered remodeling your bathroom to earn more on a home sale, don’t forget the following areas to update:
- Countertops and Vanities
- Floors and Tiles
- Bathtubs and showers
Home remodeling reduces taxes
Another fact that many people don’t realize is that home remodeling can have an added benefit when it comes to tax time. Is that how it works:
When you make money selling a home, you are charged a capital gains tax. What that means is that any money you make on the value of a home may be taxable. However, according to IRS Publication 523, Sell Your Home, you can report certain improvements you made to a home, such as a kitchen remodel or bathroom remodel. This can also include items such as:
- Additions such as bedrooms, bathrooms, decks, garages, porches, or patios.
- New plumbing or wiring.
- Any new heating and / or air conditioning unit.
- Interior upgrades such as built-in appliances and wall-to-wall carpeting.
- Exterior improvements like paving the driveway.
Any acceptable tax improvement is one that adds value to your home and extends the life of your home according to the IRS, not you. So, check with your accountant who knows IRS tax laws to make sure any home remodeling you do is covered. Also, be sure to save your receipts for proof of cost.
Where to find kitchen and bathroom remodeling products and services
If you’re not a DIY enthusiast, it’s probably best to get quotes from home improvement contractors to help you with your remodeling project. Most of the products needed for your project can be found at various outlets or home improvement stores. However, you can probably save the most money by buying discounted home remodeling products direct from the manufacturer.
Remember, remodeling your home will not only make it more livable and enjoyable for you, but any renovation you do on your home will increase your selling price … and maybe save you money when tax time rolls around.