Home improvement refers to any work on residential property intended to enhance its function, comfort, or value. Such improvements may include repairs, maintenance, replacements, renovations, and additions to a residence. Home remodeling projects also include the installation of landscaping, swimming pools, fences, and porches.
Homeowners are currently spending more on home improvements than they have in recent years. But as the housing market slows down and homeowners become more cautious with their money, homeowners should keep in mind that not all projects will provide a good return on investment.
To help make your project a success, it’s important to plan well and set your expectations accordingly. To start, create a spreadsheet that organizes your projects and includes the date, work description, costs and a running total for each. This will be helpful if you are audited by the IRS in the future and need to provide documentation for the expenses. Keeping records will help you avoid unpleasant surprises that can ruin your overall satisfaction with the project.
It’s also a good idea to prioritize those upgrades that can improve your daily quality of life and are consistent with other homes in the neighborhood. Remember that your neighbors are watching what you do, too, and if your house looks out of place, it might hurt the resale value of your property.