A CPA in Tampa Can Help You Determine Whether Home Improvements Make Financial Sense

Tampa CPAIf you are like most people, your home is your biggest investment. It only makes sense to protect that investment by making home improvements. Or does it? The answer to that depends on a number of factors, including the age of your house, whether you intend to sell in the near future, how much you intend to spend, and what type of improvements you intend to make.

A CPA in Tampa from the Reliance Consulting, LLC, can help you analyze how best to get the most out of your investment in your home. Naturally, if you initially purchased your home with the intention of selling it in the short-term, your approach to home improvements and repair will be different if you intend to live there for many years. For one thing, your motivation for making improvements or repairs is different if you are considering selling than if you are committed to staying in the home. If you intend to stay there for a while, you may be willing to wait another year or two before sinking a lot of money into an improvement or repair. On the other hand, knowing you have to live with a damaged door frame or poor attic insulation may be all the motivation you need to get it done. It really comes down to personal preference in those cases.

Naturally, if you intend to sell, your motivation is centered on spending as little as possible to get the home in shape for the new buyer. This does not necessarily mean skimping on the home improvements or repairs, because potentially expensive additions such as a sunroom, a new kitchen, new siding, new windows, a new roof, or a finished basement do add to the value of the home. Your job as the owner/seller is to weigh the cost of such improvements against the potential sale cost and decide whether it is worth it. These types of additions are not the same as repairs, because a faulty air conditioner, worn carpet, broken roof tiles, and other damage can actually lower the value of the home. Again, it’s about finding that balance between how much you are willing to spend to fix up the house versus how much you believe you can receive in a sale.

To learn more about the potential financial benefits of making home improvements and repairs, contact Reliance Consulting.

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