For qualified energy-efficient home improvements made after January 1, 2023, and through 2032, you could be eligible for a tax credit of up to $3,200, while for improvements installed in 2022 or earlier, you should use previous versions of Form 5695.
Homeowners can benefit from tax credits for HVAC units purchased and installed between 2023 and 2034, with the specific credit amount varying depending on the type of heating and cooling system, and there are also several other tax credits available for homeowners embarking on home improvement projects.
The decrease in demand for unrenovated homes is primarily attributed to elevated mortgage rates, making fixer-uppers a riskier and costlier option for buyers due to increased rates for home loans and construction loans, combined with high property prices, as noted by buyers and their agents.
The top priority is addressing a leaky roof, as delaying this repair can likely result in issues such as mold, mildew, rotted wood, or water-damaged ceilings, with even a minor roof leak potentially taking months to manifest through the living space ceiling below.