Should You Remodel Your Home?
With the San Jose and Silicon Valley housing market projected to be one of the hottest markets in 2021 now is the time for a home remodel or a home upgrade. A small amount of money on your end could turn into a large increase in the value of your home. Whether you sell your home or not adding value in a projected high market is a good idea.
Which remodels add the most value to a home?
A kitchen remodel is one of the quickest and least inexpensive ways to add value to your existing home. Items to be remodeled in the kitchen can range from kitchen cabinets, counter tops and sinks to the floor. As a kitchen typically is the center piece of the home you want to put a good amount of effort into making it stand out.
Another remodel that will add value to your home is to add square footage to the home. You can do this by adding on an additional room like a master suite or a family room. Or you can maintain the amount of rooms you currently have in the home and just add square footage to them. Both of these will add the most value to your home.
How long do remodels take?
Typically remodels take anywhere between 3 to 6 months. If the remodel calls for a permit from the city then it tends to extend the length of time for the remodel towards the 6 month time frame.
How much do remodels cost?
Obviously each home remodel will have it’s particulars and there is no general cost for any type of home remodel. There are many factors that affect the cost of the remodel and one of them being the appliances, if the remodel has lower end appliances, floors and counter tops the typical cost of a kitchen remodel is $20,000.
If the remodel includes all high end appliances, high end or custom cabinets, high end flooring and counter tops the cost of the remodel can be between $40,000 to $80,000.
Are home remodels or upgrades tax-deductible?
This is a common question and a common misunderstanding. The answer is no, home remodels and upgrades are not tax-deductible.