What are the returns on investment for home improvements, what is the economic or personal advantage of remodeling your home? Is it really worth the hassle? Of course it is! How can I save money and not run into a fix when trying to improve my home? These are some of the numerous questions that pester/plague the minds of every home or property owner.
In this article we will cover some of these concerns, but the main point of focus is how every home owner can save money when embarking on a home improvement project on their respective properties.
First things first – Before you dive head first into any project, especially a home renovation or improvement; know what you want and what is important!
It is necessary to determine what areas of your home is priority, and will give the best return on investment, personal satisfaction, and increase the value of your property.
Isn’t that the whole point of home improvements? Yes you cannot do everything at once, except you have very deep pockets. Even if you do, taking it in piecemeal is in your best interest, to avoid overloading yourself.
How do you know which section of the home to improve, which will yield the best bang for your buck? Some sections of the home are more capital intensive than others. Some of such areas include; the kitchen, the roof, the bathroom, the basement/attic. Improving these areas in your home can account for over 10% of the value of your home according to a recent industry report. Improving the above listed sections of any home does not come cheap and could prove very expensive if you’re working on a tight budget.
Here are some alternative home improvements that can actually save you money and boost the value of your property likewise.
Home Improvement Suggestions
- Fixtures– Water is a major contributor to rising costs of energy in home. We cannot talk about home improvements without considering improving on the energy consumption costs. You can make your home more energy efficient through the purchase and installation of low-flow water fixtures, such as tap or shower heads from any home improvement store. There are inexpensive and very easy to install.
- Insulation– This could be done in several ways. You can insulate your home by switching to double glazed windows and well-sealed doors, sealing air leaks around the home. Insulating or relaying of your walls, floors or the basement is an inexpensive and smart way to improve your home without breaking the bank.
- Appliances– Upgrade your electrical appliances like; the dishwasher, washing machine, air conditioners and water heaters. There are all high energy appliances that can add to your energy cost. These are appliances we use every day but readily overlook during home improvements. Periodic maintenance or sometimes outright replacement to a more efficient option is recommended. An example would be replacing a conventional heater with a tankless water heater.
- Gutters/drainage– Look into maintenance or improvement – An unclogged drainage or free flowing gutter prevents your property from damage which occurs from water filtering into your foundation, or the walls of your property during the rainy or winter seasons. Installing a gutter guard and also fishing our leaks from your roof are little home improvement chores you can carry out yourself while saving money and the property from possible deterioration.
- Solar Panels– Consider installation if your home doesn’t currently use them. The technology behind solar panels are constantly improving and this has made solar panels cheaper than they were a few years ago. They can go a long way to improving the energy efficiency of your home when installed.
- Thermostats– Replace or installation of smart devices. This technology has become more popular due to their energy saving properties over a conventional thermostat. They are smart enough to turn off when nobody is home, or regulate the temperature to occupied rooms only.
After identifying the areas of your property that require or could benefit from home improvements; which is totally subjective and could differ from property to property, it is time to create a realistic but flexible budget! A flexible budget will enable you plan adequately, and cover the costs associated with your improvements sufficiently without having to compromise on the quality of materials used and work done.