Investing in Your Home
With interest rates at rock-bottom levels, home improvements are now more affordable than ever. Investing in your home is a great way to keep a warm, cozy feeling, especially during a time of economic uncertainty. According to Axiom, a Minneapolis-based marketing research firm, most homeowners are planning to spend more on home improvements in 2021 than they did in 2020. Almost nine out of 10 homeowners will hire contractors for some projects and plan to do some work themselves.
While home improvement can include a wide variety of projects, it generally involves remodeling or making additions to an existing home. This can include interior and exterior upgrades, landscaping, and garage maintenance. Some people choose to complete home improvement projects for personal preference and convenience, while others do so to maintain the structure or make it safer.
If you’re looking to add a little character to your home, consider installing crown molding. This simple project can add great style to any room. A home improvement store can sell crown molding pre-cut and painted. Installing it yourself requires some woodworking skills and the right tools, but it’s an easy project that can add substantial value to your home.
Home improvement projects can increase the value of your home, and they can help you avoid tax implications when you sell it. For example, replacing siding on a home will increase its market value by two to five percent. If you’re selling your house, you’ll be able to deduct the cost of replacing siding if it’s damaged enough to allow water infiltration.