5 Ways To Boost Your Homes Appraisal Value

 Pearl Certification, a market-based firm approved by the US Environmental Protection Agency (EPA), just released a study that focused on home sale prices across four large US markets. The study shows that certified high-performance homes could get a 4.75% sales premium. Here are five high-performing upgrades that can increase your home’s appraisal value.

Seal Your Building Shell

Your home’s building shell is the first line of defense between the outdoor elements and your cozy living space. In order to have the building shell at its peak performance, you need to use air sealing around the bathroom and kitchen pipes, ductwork, electrical outlets, windows, doors, and your attic and basement or crawlspace. A good way to make sure your home’s shell is up to par is to do a whole home energy audit with a blower door test.

Upgrade Doors and Windows

Making sure all of your doors and windows are ENERGY STAR® certified is the first step. Using these will stop the drafts that seep into your home through doors and windows. In fact, having these can reduce your bill by 12% on average. The National Association of Realtors says that steel and fiberglass doors have around the same ROI, vinyl windows have a slightly higher ROI than wood windows.

Install High-Efficiency HVAC Systems

Your HVAC system can have a major impact on your utility bills and your home’s inside environment. “Don’t go for the standard or minimum efficiency model. For a high-performance home, choose the highest efficiency model in your price range,” says Woody Fincham, a professional appraiser who specializes in high-performance homes.

According to the Department of Energy, a heat pump model can help reduce electric bills up to 50%! You want to choose the right system for the climate you live in. A heat pump is not necessarily the choice for a homeowner in Florida.

Opt for ENERGY STAR® Appliances and Water Heaters

Again, ENERGY STAR® appliances and water heaters are the best choices for your home. They are considered a high home asset for homes on the market. A heat pump water heater uses 70% less energy than one that is not certified. “One certified appliance won’t add much to your home’s value,” Fincham says. “But if everything is certified? That definitely helps.”

Install Smart Home Technology

Smart homes are very common nowadays and are great for your home’s resale. They are one of the most attention-attracting assets for your home. In a 2021 survey done by Security.org, out of those homebuyers surveyed, 78% said that they would pay more for a home with smart technology.

Remember these upgrades are all nice, but you can only decide which upgrades are right for your home. If you want to make sure you are on the right track, contact a local Realtor who can help you with what will increase the value of your home.

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2022 Tax Deductions For Homeowners

 Everyone in America will be filing for taxes if they earned any money in 2021. Current homeowners have tax incentives that will help protect their investment and make homeownership easier for everyone. If you are a homeowner then you will want to understand how these tax incentives will benefit you.

Mortgage interest deductions are one of these incentives. This will reduce your taxable income. A homeowner can deduct mortgage interest on the first $750,000 of their mortgage. Premiums paid on qualified mortgage insurance and home equity loans that are specifically used to buy, build or improve your home can also be itemized under deductions. If you are married but filing separately, the maximum deduction will be $375,000 for each.

A homeowner can also deduct state and local taxes. You can deduct up to $10,000 in state and local taxes. In fact, this includes property taxes! Remember again, if you are married and filing separately you will receive $5,000.

Another tax incentive for a homeowner is residential energy credits. There are two kinds, residential energy credit, and non-business energy credit. For residential energy credit, a homeowner can get 26% of the cost of residential energy property equipment plus labor. This includes solar, wind, and geothermal equipment. Examples of geothermal equipment are solar panels, advanced circulation fans, or natural gas water heaters. Non-business energy credits will give homeowners 10% of the cost of qualified energy efficiency improvements and 100% of residential energy property costs. There is a maximum of $500 from the time the credit was created in 2006 to 2022.

Homeowners have many financial benefits when it comes to owning a home. During tax season you need to add up your tax breaks. Speaking to a tax professional will help you with potentially getting thousands of dollars in tax deductions.

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