What Is Home Improvement?
Home improvement is the process of remodeling or making additions to one’s home. The resulting improvements can include upgrades to electrical and plumbing systems, the addition of new rooms or garages, the upgrading of kitchens or bathrooms and even landscaping projects. It can be a costly endeavor, and it’s important to weigh the pros and cons of each project before undertaking it.
When it comes to improving a home, the most popular upgrades are often kitchens and bathrooms. However, there are other less expensive but just as effective projects that can be done to increase a home’s value. Adding an outdoor living space like a deck, patio or pool can be great for increasing the value of a property.
It’s also important to keep up with maintenance to eliminate any potential problems that could be costly in the future. For example, if you have a brick fireplace that’s covered with soot and creosote, a little bit of work will have it looking brand new again.
In the United States, each state has its own definition of what qualifies as home improvement, but most will include painting, paving, repairing, restoring, modifying or modernizing any part of a residential building. Some states will exempt labor costs from sales tax if the project is considered a capital improvement, so it’s important to check with your CPA or state department of taxes to make sure your project will qualify.
If you are looking to upgrade your home but don’t want to take on a major renovation, consider using a credit card that offers a 0% APR introductory period for up to 12 months. This way, you can enjoy your upgrade and pay it off over time without taking on any debt.