7 Types of Tax-Deductible Home Improvements

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7 Types of Tax-Deductible Home Improvements

With Tax Day approaching, make sure your clients are taking all the home deductions for which they may qualify.

Enjoy this Article authored by Courtney Klosterman at Hippo Insurance:

Just a quick thought I’d like to share regarding Home Improvements and Renovations. 

A few years ago a client decided it was time to sell their home, and before they called me, they went ahead with some needed repairs and updates, to prep the home for sale. 

Sadly, when it came time to choose cabinets for their kitchen, they went with their taste, rather than what the market was demanding. 

They went with a dark wood door in an old country style vs a light colored shaker door. 

And they paid for it when the first buyers came through and immediately dismissed the house. 

Before you move forward with any renovation, update, expansion to your home, please do yourself a huge favor and talk to a Realtor and maybe even an Appraiser. 

The choices you make can and will effect your ability to sell and how much your home will demand. 

I suggest a compromise between your personal tastes, wants and needs and those of the market trends. 

Obtain a Value Post Renovation

Home Sell and Save, LLC is available to review your home and prepare a valuation based on its As-Is Condition vs an estimate of value post the renovations and updates you’re planning. 

Doing this will help you understand something often missed by homeowners; it may cost you $50k for a pool, but when its time to sell, that pool may only be valued at $30k or less. 

Understanding this, BEFORE you start writing the checks could save you a lot of money and frustration. 

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