Tag: house renovation cost

What expenses can you deduct when renovating a rental property?

Posted on By Kartika
House Renovation

Rental property owners can typically deduct property taxes, insurance, interest, condo fees, repairs, utilities and other related costs. A rental property can even run at a loss allowing the taxpayer to claim deductions against their other sources of income.

Rental properties: Current vs capital expenses

There is a distinction between repairs and renovations for a rental property, Shawn. Repairs are referred to as current expenses, meaning they are deductible in the year incurred. Renovations are capital expenses that cannot be deducted immediately but can reduce your capital gain upon sale.

According to the Canada Revenue Agency:

A current expense is one that generally recurs after a short period. For example, the cost of painting the exterior of a wooden property is a current expense.

A capital expense generally gives a lasting benefit or advantage. For example, the cost of putting vinyl siding on the exterior walls of a wooden property

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30 Times People Should Really Not Have Done Any Home Renovation Work Themselves

Posted on By Kartika
House Renovation

They say, practice makes perfect, and professionals know it to be true after spending years trying to master their craft. That’s why there’s usually a clear distinction between an end result provided by a professional—or at least with the help from one—and an amateur, be it making desserts or building houses.

When it comes to the latter, it’s worth remembering that architecture-related decisions require knowledge in different areas, from engineering to design, and beyond. That’s why hiring a professional is usually the sensible thing to do, as they typically have years of experience, not to mention the value of education they go through.

Be that as it may, not all people opt for professional help when building something, which often results in disasters, such as the ones shared on the ‘You Should Have Hired an Architect’ Facebook group. It is home to the best worst architectural ‘gems’, some of which

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Why You Should Check Secondhand Stores To Save Money On Your Home Renovation

Posted on By Kartika
House Renovation
Man looking through antique store window
 Tim Graham/Getty Images

Building and renovating a home can be shockingly expensive. While individual items may not seem too expensive, every little doorknob, cabinet hinge, and floor tile add up to one costly and time-consuming project. It’s tempting to want to save money however you can on your building renovation, but how can you cut costs without cutting corners? One solution is to shop at local secondhand stores, such as a Habitat for Humanity ReStore, where you can donate and purchase gently used building materials, lumber, cabinets, doors, windows, and more. While it can take a little more time to find what you need, secondhand shops often have better quality materials at a better price than new retail stores, and you’ll find items that are more special to you and your home. In short, shopping secondhand for renovation materials can help you save money, create a unique home, and protect

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9 Summer Home Renovations You Can Finish in a Weekend

Posted on By Kartika
House Renovation
Stock photos and footage / Getty Images/iStockphoto

Stock photos and footage / Getty Images/iStockphoto

The word “renovation” might be off putting, as many home improvement projects take weeks or even months to finish. However, there are many smaller-scale renovations you can complete in a weekend or less.

See: 5 Expensive Renovations Homeowners Always Regret
Find Out: How To Build Your Savings From Scratch

If you’re looking to prepare your home for the summer months ahead, but don’t want to spend a lot of time on a large-scale project, consider one of these renovations that can be done quickly.

filo / Getty Images/iStockphoto

filo / Getty Images/iStockphoto

Paint or Stain Decks and Fences

“Painting or staining your decks or fences is the best renovation you can do as a homeowner during weekends,” said Tony Adams, home renovation expert and founder of DIYGeeks.com.

Adams said that right now is the perfect time to tackle this project, as drier weather is ideal for dry

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Thanksgiving Traditions that have nothing to do with Thanksgiving

Posted on By Kartika
House Renovation

America is full of unique traditions, some might even say weird and Thanksgiving is no exception. Here in America we pride ourselves on individuality and are certainly creative. I mean heck, Thanksgiving itself is 100% Made in the USA!

Over the years we’ve changed just about everything about the holiday and it’s almost unrecognizable to what it looks like in its original form. Behold a bunch of traditions we associate with Thanksgiving today that has pretty much nothing to do with the holiday’s original purpose.

Weird. Odds. and Things that make you go Hmmmmm…..

Turkish Traditions

OK so turkey has always been a staple of the Thanksgiving holiday but these days here in America we apparently do much more than simply give thanks and then eat it.

Turkey Toss

In Indianapolis, IN, people have started an annual tradition of dressing their turkey in a baby onesie, dousing it in lighter

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Heidi Klum Transforms Housekeeper’s Home on ‘Celebrity IOU’

Posted on By Kartika
House Renovation
  • The latest season of HGTV’s “Celebrity IOU” premiered on Monday night.
  • Heidi Klum teamed up with the Property Brothers for the season premiere.
  • Klum renovated her housekeeper Lucia’s home for the show, and she was hands-on during the process.

HGTV’s hit show “Celebrity IOU” returned on Monday with another A-list celebrity: Heidi Klum.

The supermodel and “America’s Got Talent” judge teamed up with the Property Brothers to gift her housekeeper Lucia with a surprise home renovation.

As they shared during the show, Lucia has worked for Klum for 17 years, not only cleaning her home but cooking for her family and caring for her children.

Heidi Klum and her housekeeper Lucia pose for a photo.

Heidi Klum and her housekeeper Lucia.

HGTV



“She’s become part of our family. She really is someone in my house that

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Surprise home renovation for Sandy’s family facing terminal illness

Posted on By Kartika
House Renovation

SANDY, Utah — At the Boyle family home in Sandy they have a motto, a phrase that guides Jeremy and Amelia and their six children.

“Amelia says if you have something good, share it,” neighbor Emilie Wright said. “That’s just the hallmark of her life, and so we have something good, and we want to share that with her.”

Over the last year, finding that good has been a challenge. Jeremey, 44, a marriage and family therapist, was diagnosed with a rare and terminal neurodegenerative condition called multiple system atrophy, and his body is shutting down.

“It’s difficult for him to get up and down the stairs, to function like he used to, he’s really active and handy and he’s not able to do that as well as he used to without a lot of pain,” said Wright.

Paying for guidance on how to help the family through the difficult

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Make Your Own Whirlig Toy

Posted on By Kartika
House Renovation

What is a Whirligig Toy?

The word whirligig derives from two Middle English words: whirlen (to whirl) and gigg (top), or literally “to whirl a top”. So the gist of the whirligig toy then is basically to use a scientific force (in our case we create it) to get the thing whirling and then we seek to keep it going.

That’s all pretty fancy to say a disc on a string. This simple pleasure of both making and playing with whirligigs provided hours of entertainment for the children of early America and still does today.

Native American whirligig toy

Whirligigs are documented as early as the 1400’s in Europe but there is also evidence of whirligigs being here in America some say as early as 500 BC! (For you scientific types, it refers to the Fourche Maline Culture) There is evidence that the whirligig was used in the ceremony to

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House of the week: Newly renovated bungalow in beautiful Mississauga neighborhood

Posted on By Kartika
House Renovation


this place: A newly renovated three-bedroom bungalow near the beautiful Rattray Marsh, this home is set on a large lot in south Mississauga.

Prices: $2,288,000

Address: 927 Ingersoll Court

Neighborhoods: Clarkson

Big selling point: The $500,000 in renovations include 12-foot vaulted ceilings, new windows, pot lights and porcelain floors on the main level. The finished basement has a large recreation room and an additional bedroom.

Features:

  • 12-foot vaulted ceilings
  • open concept layout
  • new kitchen with Alegra cabinetry
  • stainless steel appliances
  • new HVAC/central vac system
  • recreation room and bedroom in the basement
  • hardwood floors and stone fireplaces in the basement
  • new deck in the backyard
  • new asphalt driveway

The numbers:

  • three plus one bedrooms
  • two washrooms
  • $8,595 in taxes
  • 83.6 by 120.25 foot lots
  • 1,100 to 1,500 square feet

Thanks to Sam McDadi Real Estate Inc. Brokerage for all information about the House of the

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Why People Are Spending Thousands To Renovate Instead of Buying New Homes

Posted on By Kartika
House Renovation
poweroffforever / Getty Images/iStockphoto

poweroffforever / Getty Images/iStockphoto

Once you buy a home, is it really worth it to sell it and buy a whole new home? Why not just renovate the home you have? This appears to be the logic currently coursing through the minds of many homeowners.

See: 5 Expensive Renovations Homeowners Always Regret
Find Out: How To Build Your Savings From Scratch

A new survey by GOBankingRates found that many people dished out a good amount of dough in the past year on home renovations. When asked, “How much did you spend on home renovations in the last year?” 8% of respondents said they spent less than $500; 16% said they spent between $500 and $2,000; almost 13% said they spent between $2,001 and $4,000; 13% said they spent between $4,001 and $7,000; almost 9% said they spent between $7,001 and $10,000 and almost 6% said they spent more than $10,000.

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