When you are considering doing some work on your property, you need to consider whether it will fall under the category of home repair, or home improvement. This is a crucial distinction because home improvements are tax deductible, whereas home repairs are not.
So what constitutes home improvement? In its basic form, it is any task that will add to the quality and therefore the value of your home. Such tasks would include putting up a new fence, installing a new driveway, complete kitchen remodeling, extending your property to add a room, building a swimming pool or garage, constructing a deck or porch, adding insulation, installing new heating or air conditioning systems, replacing the roof, or re-landscaping your yard. All of these tasks will require capital expenditure, but will add to the value of your property and increase the equity in your home.
Home repair, on the other hand, is a task undertaken to prevent the decline or decay of your property, and a subsequent drop in value. The task is necessary to maintain your home to its existing standard, without making significant additions or improvements. Home repairs include repainting or decorating, fixing leaks or breakages, repairing cabinets and replacing fixtures that no longer function.
Generally expenditure on home repairs cannot be used to obtain a tax benefit. However, there is a possibility that you could incorporate your repairs into a home improvement project and still gain a financial advantage. If you were undertaking a large remodeling task, you would be doing a lot to improve your property and increasing the value, and if you were doing some repairs as part of this project, expenditure for the whole task could be tax deductible. In other words, next time you plan to add an extra room to your home, be sure to fix the leaky roof at the same time!
If you require refinancing to pay for your home improvements, you may be advised to wait for a drop in interest rates. If you obtain refinance and use the capital for home improvements, you will be able to deduct the loan points in that same financial year. If you choose not to use the capital to pay for home improvements, the points will be deducted over the term of the loan. If you use only a portion of the loan for home improvements, then your possible deduction is also proportional. The rest of the points will be deducted during the term of the loan. Any points not deducted by the final payoff date of the loan will be cent per cent deductible in that year.
Before you start work on your home, you really need to understand the various distinctions that allow or disallow tax deduction. You can then make a decision whether it would be financially prudent to expand your project beyond simple repairs to increase the value of your property and ensure your expenditure is tax deductible.
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Any home improvement project much more complicated than changing a light bulb will require a special tool or two, at least. The actual tools you need for the job are unique to the tasks, but there are a few tools that have so many possible uses that they can be called must-have tools. Near the top of this list is the air-compressor, an underrated part of any DIY workshop that gives you the power to sand, spray, nail, and operate powerful pneumatic tools with one device.

1. Nail It Down:

Anytime your home improvement project involves attaching things together or building anything, you are likely to be using a lot of nails or fasteners. With a nail gun attached to your compressor, simply aim and shoot to securely place nails just where you need them. If the noise that compressors create is a big concern in your home workshop, .

2. Hammer:

Although it is true that you do most nailing with the nail gun, a high-quality 16 oz. claw hammer has so many uses around the shop it is an absolute must-have. From pulling old nails to ripping out walls, a hammer doesn’t just do nails.

3. Measure Up:

Technology has caught up with the need to . Use a laser measuring device rather than an old-fashioned tape measure for ease of measuring (especially for one person) over distances that fit within a room or larger.

4. Safety First:

Home renovations and repairs involve dust, flying projectiles, and power tools that can generate some powerful noise. Have an extra pair or two of safety glasses and hearing protection around the shop. Also, remember to protect your breathing — use a mask or respirator when working with fine particles or noxious chemicals.

5. Power Drill:

A gets a lot of little jobs done well, with a selection of drill bits for different materials. Fit it out with screwdriver bits and you can use your drill to quickly attach things to each other, or unscrew a lot of fasteners, quickly.

6. On the Level:

Modern laser technology has taken another classic workshop tool to the next “level.” Use an electronic device that projects a beam of light to indicate a level line, vertically or horizontally.

7. Light It Up:

Most home improvement projects can benefit from more light. From a headlamp that lets you direct a strong beam of light right in front of you to floor lights or mounted floodlights, your project will benefit from more illumination. Unless you are outside in full daylight, extra light will help you work safer and more accurately, no matter what the task.

Whatever your project, review your home improvement task list to find tools and techniques that can help you make your work more efficient and effective. Whether your must-have list starts with an air compressor to run a variety of tools, better lighting to illuminate your work, or electronic measuring devices, your results usually get better as your tools improve.

Brett E. is the Owner of ConsumerHomeDecor.com.  Brett comes from a long line of craftsman and foreman, and has been involved with the construction and renovation world ever since he was a boy while working for his families construction and remodeling company.  After graduating with a a degree in Interior Design, Brett is the go to guy for any interior design or remodeling questions!

https://consumerhomedecor.com

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