Home Improvement – Add Value to Your Home With a DIY Project
According to a recent survey by Axiom, a marketing company in Minneapolis, home improvement spending is up. Most of those surveyed plan to spend more than last year on home improvement projects. The most popular categories are deck construction, fence installation, and landscaping. More than three-quarters of DIY homeowners plan to complete a home improvement project in the year ahead.
Adding features to a home increases its resale value and is a tax-deductible expenditure. There are many examples of home improvements, including landscaping, building a new driveway, replacing an old roof, installing new siding, and adding insulation in the attic. Some improvements are tax-deductible, while others are not, so it’s important to keep track of your expenses.
Home remodeling retailers saw their sales rise sharply in 2014, but have since come off their highs. Rising mortgage rates and inflation are putting a damper on this trend. But even if you can’t afford to pay professional help for a home renovation, you can add real value to your home with a DIY project. These projects won’t cost a lot of money and require only a little sweat equity.
When hiring a contractor, make sure you get a written contract that specifies a payment schedule, timeline, and project details. The plan should contain almost every detail of the project. You may also want to create an escrow account in which payments can be made only when the job is substantially complete.