Finance and Tax Charges

Property Value | Calculate Your Home Value | Calculate Remodeling Costs

Estimating Your Payback Figure

The main incentive for home remodeling is for personal comfort and need. But it is also desirable that the remodeling investment has a positive return on your resale value.

The increase in home value from a remodeling project is usually determined by the type of home remodeling you are going to complete and the area in which you live. For more information on what effects the value of your home, please read our Property Value article.

Calculating Financing Costs

There are two simple methods you can use to calculate your financing costs.

1. The Monthly Payment Calculator estimates the monthly payment on an amount borrowed at a term and rate.
2. The Affordability Calculator estimates how much your can borrow on a fixed monthly budget at a term and rate.

If you are looking to calculate either your monthly payment or your affordability, you can use one of the links below which offer online calculators:

Home Equity Calculators
Mortage Finance Calculators
Mortgage-Calc.Com

Tax Benefit of Home Renovation

You can deduct related interest portion of your home improvement loan payment from your taxes if you qualify—

• Your home improvement loan must be secured by your home such as a home equity loan, home equity credit line, or secured home improvement loan; and
• You must itemize your deductions on Schedule A (Form 1040).
  You need to see your tax advisor to determine whether you qualify for interest-paid deductions

It is advised that if you are unsure about any of the Tax laws, that you consult a Qualified CPS. For more information visit this site here: http://www.cpadirectory.com/

Home Improvement Remodeling Quick Links

» Why Renovate your Home?
» Remodeling Costs
» Ideas and Trends
» Specification Plan
» Financing your Improvements
» Money Saving Tips
» Managing Your Projects
» 5 Key Steps for Success
» Home Remodeling Checklist
» Working with Contractors