Home improvement
There are certainties in life: death, taxes and if you own a house, home repair and improvement projects. These don’t always come at a convenient time and sometimes wind up costing far more than expected, like discovering a hidden water leak in the ceiling or shoddy renovations that have to be redone. But if you plan ahead and stick to a budget, you can tackle those can’t-wait home improvements without draining your emergency fund or going into debt.
The key is to choose the right projects. Some add more value to your home than others, so it’s important to understand what types of projects will make a difference when you’re ready to sell.
Home improvement includes any work that adds to the functionality or appearance of your home, including landscaping. The definition of home improvement varies by state, so it’s best to consult with your CPA or research online. In general, however, it can include painting, resurfacing your driveway or sidewalks, adding a deck or porch, and installing fixtures or appliances.
Some home improvement projects are pricier than others, but even low-cost upgrades can help boost your home’s value. For example, a fresh coat of paint is an easy way to give your house a facelift and can typically be completed for under $500. Other quick upgrades that can have a high ROI include installing energy-efficient appliances and improving your home’s air quality with new insulation.
