Nothing adds value to your home more quickly than updating or remodeling your kitchen or bathroom. These two rooms in your home receive daily use and usually suffer wear and tear sooner than any other rooms. An update of fixtures, appliances, and accessories can make an immediate and dramatic difference in either of these rooms. A complete remodel of your bath or kitchen can increase the value of your home immediately and significantly!
If remodeling your kitchen is your next home remodeling project, replacing the cabinets is a great starting point. Beautiful kitchen cabinets are the focal point of a stunning kitchen design.
You can choose a formal, casual or contemporary style. Whatever suits your taste and sense of fashion, you can begin by choosing beautiful new kitchen cabinets; then add eye-catching fixtures, appliances and other accessories that will complement and accentuate your new kitchen design. After kitchen cabinets, other great ways to make a big impact on the total kitchen design are to consider adding:
- New Appliances
- Stainless Steel Sinks
- New Counter Tops
- New Tiles or Backsplashes
- Hardwood or Laminate Flooring
Bathroom remodeling is another great way to update your home, which also increases the value of your home tremendously. We shouldn’t minimize the importance of this room in our homes and in our lives. Important time is spent here as our days begin and end, and making this room a relaxing, enjoyable experience is well worth the time and money. Updating your bathroom will certainly bring pleasure not only to you and your family, but also to your guests.
- Counter Tops and Vanities
- Flooring and Tile
- Tubs and Showers
Claim Your Home Remodeling Expenses on Your Taxes If You Sell Your Home
When, or if, you sell your home, you might be charged capital gains taxes. However, according to IRS Publication 523, Selling Your Home, any major improvements or remodeling you do to your home such as kitchen remodeling or bath remodeling can be exempt from these taxes. This can also include items such as:
- Additions including bedrooms, bathrooms, decks, garages, porches or patios.
- New plumbing or wiring.
- Any new heating and/or air conditioning units.
- Interior upgrades such as built-in appliances and wall-to-wall carpeting
- Exterior upgrades such as paving the driveway
Any tax-acceptable improvements are identified by the IRS as those that add value to your home and prolong your home’s useful life. It is wise to check with your accountant who knows IRS tax law to make sure any home remodeling you do will be covered. Be sure to keep all receipts on any purchases you make for remodeling purposes.
Renovating your home can be a rewarding experience, whether you plan to do it yourself or hire a professional. We recommend that aside from considering a budget and what you want to do to your home, consult with a professional. Many builders will even provide free consultations for remodels and maintenance evaluations!
You can also find out more information on our Remodeling Services and contact a licensed professional with any questions.