Home Improvements, or home renovation, is the act of making improvements to one’s home or improving a previously existing home. Home improvement may include projects that upgrade an already existing home interior, exterior, or any other renovations to the property. Such projects may include landscaping, painting, or any kind of repair work in one’s house. Home improvements may also include adding a garage, garden, pool or deck and making major appliances or wiring modifications. All these projects require extensive planning and budgeting.
The number of Americans who want to make home improvements has increased over the years. In a July report by the Center for Housing Policy at the University of Maryland, researchers found that there are nearly three million households in the U.S. which have neither enough money nor the skills needed to make these kinds of repairs. One of the most common types of home improvements includes installing a new bathroom or bathtub. According to the same study, there are almost 2 million households across the country which have neither adequate money nor the skills needed to make major changes to their bathrooms, including a new bathroom, bathtub, or kitchen sink and replacing all the appliances in such a room. This is despite the fact that most homeowners are aware of the need for new bathroom and kitchen fixtures.
There are tax benefits available to those who make home improvements. If you are a homeowner, you can reduce your taxable income by making these types of repairs to your home, even if you don’t anticipate using them for a year or more. This is because home improvements and repairs are eligible for a tax deduction. Home improvements eligible for a deduction include repairing a roof or improving the floor of a garage, swimming pool, or putting new windows. As long as you have made the repairs in good repair and if they improve the quality of your life, you can claim a tax deduction up to the first $1000 of the cost.