Top Ten Home Improvements to Increase Market Value of Your Property Looking to increase the value of your home in today’s economy and the current real estate market? A wide range of home improvements, from simply painting to more extensive projects like a kitchen or bathroom remodel, can greatly increase your home’s value even in the current buyer’s market. Be sure to check out other homes in your neighborhood to see what projects would suit your house best. Do you only have 1.5 baths but most homes in your neighborhood have 2.5? Then a bathroom addition may be your best bet. If most homes in your neighborhood have great curb appeal, painting the exterior and other outside improvements may get you the most bang for your buck. Following are the top ten home improvements that will increase homes value: 1.      Updating Plumbing and Electrical – With a 260% average return on investment (ROI), simply updating your homes plumbing and electrical work without making any major changes is a fairly inexpensive but extremely effective way of increasing your home’s value.

2.      Bathroom Remodeling – Updating an aging bathroom, especially the master bath, or adding an additional bathroom, with a 168% return on investment, can greatly increase your home’s value. 3.      Kitchen Remodeling – In today’s real estate market, the kitchen is often viewed as the most important room in the house.  Kitchen remodeling, although costly, will increase home resale value with a 168% return on investment. Gourmet kitchen updates with chef quality appliances will increase your market value even more. 4.      Painting – A fresh coat of paint in a neutral color on the interior, as well as a new coat of exterior paint, is one of the most cost effective ways to improve your home’s showing appeal. Buyers can better see your home’s potential with a ‘fresh canvas’, resulting in a 112% return on investment. 5.      Flooring – Replacing outdated carpet or flooring, or simply refinishing wood floors that have seen better days, will definitely increase the value of your home, with a 102% return on investment.

6.      Outdoor Maintenance – Increasing the curb appeal of your home by repairing or replacing your gutters with newer, less likely to clog versions such as LeafGuard, as well as sprucing up or replacing siding, is a cost effective way of increasing your home’s value, with a 83% return on investment. 7.      Deck – With a 78% return on investment, adding a deck to your house, or simply improving, refinishing or expanding your current deck, will increase your home’s value substantially.  Outdoor living rooms, with comfy furniture, fireplaces, or blended with garden structures like arbors and pergolas, have become very popular in recent years.  With your existing patio or deck as a starting point, creating a weather-protected living space holds great appeal in today’s market and can be done on a variety of budgets. 8.      Basement Remodel – Many people today want to use the space of their home as cost effectively as possible. One way to do this is by turning a basement into a usable space.

A finished basement may be used for guest bedrooms, a home office, family room, or home gym. old barn doors calgaryYou can also create an in-law apartment or rental unit. patio sliding doors menardsAlthough it can be a significant expense, a basement remodel will absolutely increase your home’s value with a 75% return on investment.sliding barn doors at lowes 9.      Windows and Doors – Repairing or replacing windows and doors can not only save you heating and cooling costs, but will greatly increase the value of your home with a 70% return on investment.  aluminium garage doors nz

An energy tax credit is available for many new replacement windows. 10.  Roof Replacement – With a 67% return on investment, roof replacement or simply maintaining your current roof in good repair will enhance your home’s curb appeal as well as increase its value.front door upvc locks For over 80 years, DiGiorgi Roofing and Siding has been providing quality home improvements including roofing, siding, bath remodeling, window and gutter installation for Connecticut and southern Massachusetts homes and businesses. outdoor fire pits restoration hardware How to Choose the Best Mattress for a Goodnight’s SleepIn What Cases You Need A Cool Mist Humidifier Over A Warm Mist HumidifierWhy My Family Love Cartoon BackpacksMake Your Shower Standout With Alliance Sanitary Productshouse door lock jammed

We have incurred costs for substantial work on our residential rental property. We replaced the roof with all new materials, replaced all the gutters, replaced all the windows and doors, replaced the furnace, and painted the property’s exteriors. What are the IRS rules concerning depreciation? Replacements of the entire roof and all the gutters, and all windows and doors of your residential rental property: Are generally restorations to your building property because they're replacements of major components or substantial structural parts of the building structure. As a result, these replacements are capital improvements to the residential rental property. Are in the same class of property as the residential rental property to which they're attached. Are generally depreciated over a recovery period of 27.5 years using the straight line method of depreciation and a mid-month convention as residential rental property. Repainting the exterior of your residential rental property:

By itself, the cost of painting the exterior of a building is generally a currently deductible repair expense because merely painting isn't an improvement under the capitalization rules. However, if the painting directly benefits or is incurred as part of a larger project that's a capital improvement to the building structure, then the cost of the painting is considered part of the capital improvement and is subject to capitalization. In this case, the painting is incurred as part of the overall restoration of the building structure. Therefore, the repainting costs are part of the capital improvements and should be capitalized and depreciated as the same class of property that was restored, as discussed above. Replacement of the furnace in your residential rental property: Is generally a restoration to your building property because it's for the replacement of a major component or substantial structural part of the building's HVAC system. Therefore, the furnace replacement is a capital improvement to your residential rental property.

As with the restoration costs discussed above, these costs are in the same class of property as the residential rental property to which the furnace is attached. Is generally depreciated over a recovery period of 27.5 years using the straight line method of depreciation and a mid-month convention as residential rental property. Note: A taxpayer whose average annual gross receipts is less than or equal to $10,000,000 may elect to not capitalize amounts paid for repairs, maintenance, or improvements of certain eligible building property if the total amounts paid during the taxable year for such activities don't exceed certain dollar limitations. For more information, see Safe Harbor Election for Small Taxpayers in Tangible Property Regulations - Frequently Asked Questions. Publication 527, Residential Rental Property (Including Rental of Vacation Homes) Publication 946, How to Depreciate Property Sale or Trade of Business, Depreciation, Rentals Please provide your feedback.