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Home Improvement Projects to Complete Using Your Tax Return

After tax time and your return comes in, you have to decide what to do with the extra money. Many people decide to reinvest the money back into their homes. They may upgrade old furnishings and appliances, bring more functionality into existing spaces, and increase the value of their homes. If you are trying to decide on a home improvement project to complete by using your tax return, check out the following suggestions.

Focus on Essentials First

While you may not like the look of your outdated kitchen cabinets or old outdoor landscape, you may want to focus the money on items that you know will need fixed soon. Replacing old appliances like your refrigerator or stove now while knowing that they might not last another year allows you to take your time and shop for the items you want.

Replace Water Heaters and HVAC Systems for Energy-Efficient Benefits

Upgrading old water units with tankless models, as well as updating heating and cooling systems, can help you save more water and electricity. You can use less electricity while having higher efficiency equipment that can lower your utility bills. Always consider replacing mechnical systems that are over 15 years to 20 years old.

Seek Simple Remodels That Make Homes More Livable

Replacing outdated cabinets, installing wood flooring, laying in new countertops and upgrading bathroom fixtures are simple home improvement projects to perform when you know that you won’t be getting a large tax return. These projects can instantly change the look of the space, make rooms more functional, and won’t require a lot of time or work to complete.

You can renovate your home so that it will be beautiful and comfortable for your needs. Using your tax return money allows you to make the changes you need to increase the value of your property.

Create a Home Inventory to Protect Your Possessions

It only takes one disaster, such as a flood or fire, to lose the possessions in your home. If you have created a home inventory, you can let the insurance adjuster know exactly what you had before the disaster as you can get compensated for the lost items in a faster manner. Check out this list on how to create a home inventory.

First, Check Your Policy Regarding What Is Covered

While people think every item will be covered at its face value, some insurance policies will have limits on what they will compensate. If you have rare and valuable possessions, such as jewelry and works of art, getting a policy rider can provide extra coverage.

Pick a Room and List Items

Record what the item is, where you bought it, the serial number, the date of purchase and any receipts that you kept. Take your time and don’t miss anything. Items such as clothing can have more generalized descriptions, such as how many jeans or dresses you have, if you didn’t keep any receipts.

Use Technology to Your Advantage

Having visual recordings of your items can provide extra proof for the insurance adjuster. You can easily take photos or videos using the camera feature on your smartphone. There are also apps available that help you make a home inventory.

List Items in Storage

Don’t forget to list the items you have in an offsite storage facility. These places can also become damaged in a disaster.

Update Your List Periodically

You will have more items the longer you live in the house. Make sure to update your home inventory list. Keep a copy at a different location, such as with a family member, if the original list becomes destroyed.
Once the home inventory list is made, it becomes easier to update and remove items that you no longer have. Keeping a home inventory makes it easier to become compensated, as you can return to your normal life faster after a disaster strikes.

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3 Common and Costly Mistakes that New Homeowners Make

When you purchase a new home, you are ready to enjoy all the creature comforts it will provide. However, some new homeowners commit some common mistakes once they start doing simple remodels and renovations. These updates can be costly problems, as you can not only damage your new home but spend even more money to have the mistakes fixed. Here are the 3 most common and costly mistakes to avoid when becoming a new homeowner. 

Performing Extensive DIY Electrical and Plumbing Work 

Unless you are a licensed plumber or electrician, or have been adequately trained in such work, it’s usually a bad idea and can be extremely dangerous to perform electrical and plumbing jobs on your home. Anytime you find an electrical outlet no longer working or there is water rising up from the drain in the basement, it’s time to get professional workers to look into the issue. 

Tearing Out Walls to Make the Room Bigger 

Before tearing out a wall completely, you need to figure out if it is a load-bearing wall. Load-bearing walls help support the structural weight of floors and the trusses for the roof of the house. If you tear out a load-bearing wall, this structural weight has to be transferred to some other support structure or you will end up seriously damaging your home. 

Changing Finished Grades to Add Landscape Elements 

Finished grades on the property are designed to redirect rainwater away from the house and into nearby storm drains or creeks. Unfortunately, homeowners may change the finished grade by adding driveways, patios, in-ground pools, sidewalks and other landscape elements that impact the grade. If water is redirected back toward the house, it can cause the foundation to shift and heave as structural damage can occur. 

Avoiding these common mistakes that new homeowners make when purchasing a property will ensure that you won’t accidentally damage your home. You can make the house perfect and comfortable for you and your family so you will enjoy living there.