As this year’s tax season draws to a close, many homeowners are beginning to plan their home-related tax strategies for 2024. To help, we want to share tips on maximizing your tax return through certain types of home improvements. While the specifics of your own tax filings should invariably be discussed with a qualified accountant, there are general guidelines regarding which home improvements are tax deductible.

Please note that you can only take advantage of the following home improvement tax deductions when you sell your home. Keep every record of the improvements you make to your home. This careful documentation will ensure that you are able to apply for every possible tax deduction.

Categories that Are Not Deductible

Repairs, routine

Any homeowner who loves to spend time outdoors, grill, picnic, and socialize with friends and family should consider adding an outdoor kitchen to their back yard. When executed well, an outdoor kitchen will boost your home’s value, and give you brand-new ways to enjoy your outside living area.

Outdoor kitchens in the US cost an average of $13k. The lowest end of the price range is $3k, while the high end can reach $40k. When you’re making this kind of investment into your home, it’s essential to nail both the design and the execution. Otherwise, you’ll end up with a space-hogging feature you aren’t excited to use. 

Today, we’re sharing tips for building an amazing outdoor kitchen. From initial plans to finishing touches, we have thoughts on

One of the greatest aspects of being a homeowner is the freedom to upgrade and remodel your home as you please. While renters are usually limited to personalizing their homes with potted plants and artwork, homeowners can rearrange the very walls of their properties.

Still, as you begin your search for a home to purchase, keep in mind that not all remodeling undertakings will repay your investments equally. The worst time to discover that you’ve chosen the wrong projects is when you’re ready to put your home up for sale. To help you avoid common cash-consuming mistakes, our team did the math, read the statistics, and we’re ready to share our top ten projects that could lower your home value.

1.) DIY Projects (Above Your Ability)

DIY

Home renovations can be expensive, and saving up for extensive improvements could take years. Fortunately, you can fast-track your goals with a home improvement loan. 

Home improvement loans allow you to use the equity in your home to fund your home renovation. 

Benefits of a Home Renovation Project

1.) Increased Home Value

Prospective home buyers are willing to spend more if they see a kitchen or bathroom that has been updated or upgraded for convenience and functionality. 

2.) More Space

If your home feels cramped due to your growing family, extra bedrooms or living space can make living in your home comfortable once more. 

3.) Maintenance

Putting off home repairs can result in more considerable expenses down the road.

Renovations make your home more enjoyable. Plus, if you do them right, they may even increase your home's value. This comes in handy if you plan on selling your home in the future. But watch out! While some remodeling projects add value to your home, others do little to increase it and may even make your home less desirable to potential homebuyers.

Find out which renovations are the best and which are the worst.

Remember that Legacy Home Loans can help you get the funds to finance home renovations. With options like cash-out refinancing, FHA 203(k) rehab loan, a home equity loan, and HELOC, they can match you with a low-rate home loan to fund all your home repairs and upgrades. 

Best Home Projects to Boost Your Home’s Resale Value

Spruce

Even though Tennessee is considered a “southern state,” late fall and winter overnight temperatures can fall into the freezing range here. Thus, you may be wondering whether your next home should be more energy-efficient. If your current home was built before the year 2000, it’s likely far less energy-efficient than houses built more recently. Homeowners will tell you that weather extremes in a less-efficient home lead to higher utility bills and uncomfortable inside temps. Today, we’re sharing the top reasons we recommend buying energy-efficient homes.

1.) Your Home’s Air Quality Will Be Better

Far more concerning than an eye-watering heating or cooling bill, the air quality in older homes is likely inferior when compared to new construction.

In 2019, we witnessed the departure of several design trends that had simply worn out their welcome. Dark wood cabinets, pre-packaged looks, all-gray spaces, wall-to-wall white, and solo accent walls were all out, and warm coppers and sparkling coastal blues made a grand entrance.

Whether you’re redecorating your space in 2020, purchasing a new home, or getting ready to stage a home for sale, it’s time to prepare for the new decade of interior design. The following trends are fresh and updated yet classic, and easily adaptable to suit your home’s existing character.

Color Trends

Several companies announced their 2020 pick for “Color of the Year” as 2019 drew to a close, and we’ve picked our favorites. Whether used together or separately, they