Home Remodeling Costs May Be Recouped By Homeowner Tax Credits

Energy Star has announced home remodeling projects details to help homeowners preparing their tax filings; encouraging homeowners to improve their home's value. Destiny Homes, a Wayzata luxury home remodeler comments on the list of remodeling projects and how homeowners can improve their quality of home life and take advantage of the homeowner tax credits.

Wayzata,, Minnesota (PRWEB) February 11, 2013

For example, Wayzata home renovations can help homeowners quickly recoup home remodeling costs, lower utility bills and increase a home's market value. They can be expensive. For instance, according to Remodeling Magazine, a major kitchen remodel in the Minneapolis - Wayzata area could cost up to $$53,666 and a roof replacement around $18,323, and an insulated attic addition near 47,702.

REMODELING PROJECTS DESTINY HOMES SUGGESTS FOR A HOMEOWNERS TAX CREDIT OR REBATE

1) Qualified Furnaces, Boilers, Heat Pumps and Air-Conditioners - Homeowners can declare the cost of buying and installing certain energy-efficient heating, ventilating and air-conditioning units. Eligible units include air source heat pumps, central air-conditioning, gas and oil hot water boilers, and natural gas or propane furnaces.

2) Replacing And Adding New Doors And Windows - Home improvement projects that include replacing a home's old windows and leaky doors with new ones that comply with current energy-efficient standards can save homeowners immediate money on seasonal utility bills. To qualify for a tax break, new windows must have a solar heat gain coefficient of 0.30 or less. Doors and windows must have a U-factor, which is an insulation rating that measures a door or window's efficiency at preventing heat from escaping the home. To qualify, that score must be 0.30 or less. The tax credit amount is 10% of the cost, up to $500; however windows are capped at $200.

3) Upgrading Home Insulation - Insulation is one of the most cost efficient remodeling projects to improve a home's energy efficiency. The improvements start saving money on utility bills immediately. Homeowners can apply for 30 percent of home insulation costs, up to $1,500. Homeowners can only deduct the cost of materials, not installation costs.

4) Kitchen Remodels: Faucets, Sinks, And Biomass Stoves- Luxury high-neck faucets can cost upwards of $1,000, however they are in high demand by homebuyers as many are seeking a luxury kitchen. Carefully chosen kitchen remodeling investments will likely pay off when you go to sell. Kitchens have become the focal point of many home renovations. Often older home have kitchens and dining areas that homeowners want completely re-worked, incorporating bar seating, and an open area to the family room.

5) Renewable Energy Lighting - Using the right light fixtures and light bulbs or creating daylight-filled rooms that concentrate on renewable energy sourcing help homeowners take advantage of green remodeling incentives and gain homeowner tax breaks. Using the right materials can protect the health and comfort of a residential family home by eliminating many common toxins. Materials with no- or low-volatile organic compounds (VOCs) can be obtained by your home interior designer. Products and materials with no off-gassing give your home a highly desirable and easy to measure eco-conscious benefit - especially important for children or seniors with respiratory sensitivities.

6) Using Tankless Water Heaters - Excel Energy 2013 offers a water heater rebate program meant to offset homeowners initial costs. Basement home remodels including an efficient tankless water heaters can offer savings throughout the life of the equipment on top of the initial rebate.

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Home Remodeling Costs May Be Recouped By Homeowner Tax Credits