Stand out in crowded search results. Get high-res Virtual Staging images for your real estate quickly and effortlessly. (Get started for free)
"What steps should I take if I need to make home improvements 6 months after buying a house?"
**60% of homeowners make renovations within the first year of ownership**, with the majority focusing on cosmetic changes like painting and decorating.
**The average cost of home renovations is $14,000**, with kitchen remodels being the most expensive at an average of $22,000.
**Homeowners typically spend 1-3% of their home's value on renovations**, but this can vary greatly depending on the scope of the project.
**The ROI (Return on Investment) for home renovations averages 64%**, meaning that for every dollar spent, homeowners can expect to recoup about 64 cents at resale.
**The most valuable renovation projects are mid-range kitchen remodels, which have an ROI of 80.2%**, followed closely by mid-range bathroom remodels at 64.8%.
**Homeowners who sell their homes within six months of buying often lose money**, as they may not have had time to recoup their investment through appreciation or renovations.
**Capital gains tax can be avoided if the homeowner has lived in the house for two of the five years leading up to the sale**, or if they meet certain exceptions like job loss, divorce, or military service.
**The Two-Year Ownership and Use Rule allows homeowners to exclude up to $250,000 ($500,000 for married couples) of profit from taxes** if they have lived in the house for at least two years.
**The five-year rule is a general guideline, not a hard-and-fast rule**, and homeowners can sell their homes at any time, but may face capital gains tax or other penalties.
**Homeowners should prioritize functional renovations over cosmetic ones**, as functional improvements like new appliances or insulation have a higher ROI than cosmetic changes like new flooring or countertops.
**Homeowners should research local building codes and permits required for renovations**, as failure to comply can result in fines, penalties, or even demolition of the renovated area.
**It's essential to hire licensed professionals for major renovations**, as they can ensure compliance with local codes, provide valuable expertise, and minimize the risk of costly mistakes.
Stand out in crowded search results. Get high-res Virtual Staging images for your real estate quickly and effortlessly. (Get started for free)