We Buy Houses In Huntington Woods MI and if you are an investor in Huntington Woods MI an excellent way to use your tax return is to add value to the properties you already own. In our latest post, you’ll learn about improvements you can make to add value to your Huntington Woods MI investment properties.
Many people will use their tax return on something material or frivolous that only provides a one time reward. But what if instead of using your tax return on a new tablet or tv, you used the money to build equity in your home and to pay for property tax? Adding value to your property will only benefit you over time. Keep reading to learn about some of the best ways to use your tax return to add value to your Huntington Woods MI investment property.
Increase Efficiency On Your Huntington Woods MI Property
Replace old, worn-out appliances with their more efficient counterparts. Your new appliances will ultimately pay for themselves over time by providing lower electric bills and maintenance costs. Newer and efficient appliances will be a huge draw if you are attempting to rent the property out. Prospective tenants will likely be paying their own utility bills and will jump at the opportunity to save some money. Increasing the efficiency of your appliances will offer benefits for years to come.
Curb Appeal Of Your Property In Huntington Woods
A few small changes to your front yard can make a huge difference in the way your property is seen by prospective buyers or renters. A few easy things you can replace include the front door, mailbox, porch light, and house numbers. Updating your landscaping with new flower beds or trees isn’t a bad idea either and can be done for a relatively low cost.
New Paint On Your Michigan Property
Painting a room can completely transform it and give it new life. Plus it is a project that can be done pretty inexpensively in comparison to other renovations within your home. You’ll likely be able to do most of the work yourself, paying only for the materials and the cost of your time.
Flooring Inside Your Huntington Woods Michigan Property
A new floor will completely change the look of a room. Even if you don’t do the whole house, upgrading the floors in a room or two will definitely add appeal to your property. Whether you choose to go with tile, laminate, carpet, or wood, adding new floors to a portion of your home can dramatically change the way it is seen by potential buyers and renters.
Kitchen Upgrade Of Your Property In MI
Adding a backsplash or new hardware can dramatically change your kitchen without having to do a major renovation. You could even repaint old dreary cabinets giving them a whole new look and feel. If you have an appliance that is on its last leg, now is the time to begin shopping for something new, not when it breaks down at the most inconvenient moment possible.
Home Improvement Deductions Of Your Huntington Woods Property
While making improvements to your Huntington Woods MI investment property won’t likely be deductible, you’ll still want to keep track of how much you spend. When you make improvements to the home, the amounts can be subtracted from your overall tax basis when it’s time to sell the property. Under current tax laws, the first $250,000 of profit is already tax-free, so tracking every single dollar may not be as imperative. But by using your tax return for renovations, you’ll not only be improving the property to attract more tenants, but you will possibly be able to save yourself some money over the long-term. Keep in mind, this applies to things that increase the value of the home, not your ordinary, every day repairs.
Sell Your House In Huntington Woods MI
Use Your Tax Return To Add Value To Your Huntington Woods MI Investment Property
At We Buy Houses in Detroit, we can help you determine the value of your home and make you an offer to buy it. While the price may not always be retail, you will save on repairs, marketing, agent fees, commissions and other costs you will incur when listing.