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The Hidden Value in Your Remodeling Project

By Allen Voivod

Republish: EasyPublish™ Published: 22Jun2007 Word count: 435 Viewed: 312 time(s) Get Free Content For Your Site

The trade publication Remodeling magazine, in its 2006 "Cost vs. Value" survey of over 2,000 members of the National Association of Realtors, found that "minor kitchen remodels" have the best return on your remodeling investment, at 85.2%.

That means for every $1,000 you spend, you add $852 to the value of your home when you sell it. When you look at it this way, it sounds like a losing proposition, doesn't it?

But depending on the type of remodeling project, there may be a few aditional ways you can benefit financially from your remodeling project – ways that could easily push your investment out of the red and into the black.

Taxes. Uncle Sam likes it when you spend money on certain things, and home improvement is one of them. And you can benefit two ways from tackling that remodeling project you've been considering. First, the cost of the project itself may be tax deductible. Second, if you take out a home equity loan to fund the project, the interest on that loan may be tax deductible as well.

Check out IRS Publication 523, "Selling Your Home," for more information, and consult with a tax professional to find out what will work with your particular financial situation.

Energy efficiency. With oil prices rising as fast as they have, heating your home is becoming an increasing financial burden. (And it's not limited to oil heating – natural gas, propane, and even wood prices have been rising, too.) With your remodeling project, you have a few ways to help cut your energy costs.

The first is on windows and doors. When selecting them, ask your contractor to talk to you about types that will improve your home's energy efficiency, especially compared to what you have in your home now. Second, if you'll actually be opening external walls as a result of your remodeling project, check the insulation you have in place, and ask your contractor about upgrading it. Third, if you'll be upgrading any of your large appliances (like refrigerators and dishwashers), check out the "Energy Star" ratings provided on them to see how well they perform. And finally, if a plumber's part of your remodeling project plan, explore the options you may have to improve your hot water heating situation.

When you start thinking beyond the initial cost of your investment in a home remodeling project, you'll find the rewards go well beyond the upgraded value of your home. So when you start budgeting for your remodel, be sure to factor in the long-term payoff as well.

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