What You Need To Know About Home Improvements And Taxes

Good info for families who have made some home improvements!

When we bought our first house, it was perfect. Well, except for the 40-year-old heater. And the green kitchen with beige appliances circa the 1970s. And the creepy basement. (But otherwise perfect.)

Over the years, we made a number of improvements. We also made a number of repairs. We replaced the roof, added a powder room, and replaced the front porch. We painted walls and swapped out windows and doors.

Read the source article at Trulia


Homeowners now more likely to use equity for renovations

Are you a homeowner looking to invest in renovating your home? Don’t forget to give your insurance agent a call to make sure you don’t have to “renovate” your policy to cover your home’s new features. Old limits may not provide enough coverage for the value of your renovations.

Homeowners have begun to invest more in their homes as property values continue to rise, according to TD Bank.

Of the 1,350 homeowners in the bank’s survey from late December through early January, about 56% believe their home’s value has increased and about 60% say that they would use the rising equity to finance renovations. About 53% of Millennials are considering this option.

Read the source article at U.S. Housing Finance News


Prepare Your Home Now If You Plan to Sell It This Spring

Is your family looking to move? 

Selling a home doesn’t happen overnight. To maximize your sale price, stand out from the competition and sell quickly, your home needs to go on the market in tip-top condition.You only get one chance to make a good first impression in real estate. Once your home’s listing goes live, the days on market start ticking. In the Internet age, with access to so much information, buyers will punish a seller whose home has been on the market for many months.

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Real Estate Fail: 4 Big Mistakes People Make When Buying a Home

If your family is looking for a new home avoid these 4 mistakes!

Buying a home is a major decision that can have disastrous long-term side effects if done improperly. Below introduces four of the biggest mistakes that people make when buying a […]

The post Real Estate Fail: 4 Big Mistakes People Make When Buying a Home appeared first on The HomeSource.

Read the source article at The HomeSource


Renovating Our House Nearly Ruined Our Relationship

Before you settle on this fixer upper, consider the effects it could have on your family…

Shortly after Mike and I married, we began house-hunting. Unfortunately, it was the early 2000s, and trying to find an affordable house during the real estate boom of the time was extremely difficult. Our realtor showed us a listing of a two-family house in our price range, located about 30 minutes northwest of where we lived. We were excited to go take a look.

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5 Inexpensive Upgrades That Can Increase Your Home’s Value

Upgrades that won’t break the bank and will up the family home’s value? Yes, please! Don’t forget to call your insurance agent once the work is done to make sure your new features are covered!

Now that you know the mistakes that can decrease your home’s value, it’s time to turn your attention to the things that can actually make your abode worth more money in the long run.

According to Trulia, you don’t have to spend a fortune on upgrades to see the value of your home increase. In fact, some of the most effective changes come in under a thousand bucks.

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Will My Taxes Look Different Now That I’m a Homeowner? Magic 8 Ball Says Yes

If you’re a new homeowner – congratulations! A new home may also bring some new details while doing your taxes. Check out these helpful tips.

Taxes? Gross! Who wants to think about government paperwork, especially when your hand still aches from signing the 977 forms required to buy your first house? But listen up: As a new homeowner, you can typically wave bye-bye to the 1040-EZ form and say hi to itemizing your deductions on Schedule A.

Read the source article at Home Ownership