Home improvement is the process of adding or changing parts of a house that will increase its value. It can be anything from installing a new roof to adding insulation to the attic. Some types of home improvements are tax-deductible. Check with your state’s department of taxation and finance to determine which home improvements qualify as tax deductions.
Home improvement projects can also include painting, landscaping, and repairing existing parts of a house. Other projects include adding or removing rooms. Other projects might include adding a new garage or constructing a driveway. However, these projects are not considered home improvement if they do not add or change structural stability to the property.
Angi reported that the average amount of money Americans spend on home improvement is at its highest level since the pandemic started seven years ago. Many of the biggest projects involve extensive repair of the foundation of the home. These renovations often involve weakened walls, joists, and carrying beams. Depending on the size of the project, these repairs can have a significant impact on future projects.
In addition to interior improvements, exterior improvements can increase the property’s value. Exterior renovations may include a refinished patio or deck, adding a sunroom or repairing cracked pavers. Exterior renovations can also include the addition of a detached garage or a swimming pool.