4 Smart Ways To Invest in Your Home
When it comes to home improvement projects, it’s a good idea to determine whether or not your projects will add immediate resale value or result in zero ROI. Most homeowners in the U.S. purchase a new home to take on a home renovation or home improvement project within the first year. The best way to decide which upgrades, renovations and projects are worth their cost is to check the market value of your home and surrounding homes. If the local market value peaks at $270,000 and your home’s value is $250,000, you could lose money on home improvement projects that cost more than $20,000. Take a look at four smart ways that you can invest in your home.
1. Update the most used spaces in your home.
The most popular home renovations that increase the value of your home are kitchen and bathroom upgrades. Kitchen renovations offer a big return on investment, and best of all, many kitchen upgrades are DIY-friendly. You can refinish outdated cabinets, upgrade the hardware, install a backsplash, revitalize your flooring, and replace old appliances without hiring a single contractor. Depending on the condition of your bathroom, a full renovation probably isn’t necessary. You can update the bathroom with new lighting fixtures and hardware, new vanity, paint or wallpaper, and a new toilet.
Romantiques Lingerie suggests several smart ways to invest in your home that will result in a future return. You can freshen up your bedroom by updating your bedding options. Installing solar panels not only reduces your carbon footprint and reduces your energy bills, but homeowners enjoy tax benefits as well. Insulating your attic is a smart way to protect your home from air leaks and keep your energy bills in check. Finally, whether you plan to sell now or in the future, upgrading your kitchen will pay off in the long run.
2. Take a deep dive into home maintenance and repairs.
A good way to save a lot of money in the long-run is to tackle your home maintenance and repair list. Go around the house to make minor repairs such as fixing leaky faucets, cracked plaster, missing screens, old caulking, and burned-out lights. Give the exterior of your home a thorough power washing to remove dirt and grime. Freshen up your walls with a new coat of paint, and add some insulation to your drafty attic.
Replacing your old windows with vinyl windows is a smart way to lower your energy bills, make your home quieter, and increase the value of your home. Lifetime Aluminum has years of experience providing window and door installation in East Hanover, NJ. They specialize in vinyl replacement windows and steel entry doors as well as patio doors, sliding glass doors, and storm doors. The window professionals offer homeowners a no-obligation, free estimate for all products, and offer 12 months of no interest payments and no down payment.
3. Add square feet to your space.
Older homes often lack the open floor plan that modern buyers look for. It’s common for homeowners to purchase a new home to change the layout within a year. Adding functionality is a great way to increase the value of your home. Adding square footage is also a good option if you hope to attract future buyers. Building a second bathroom, extending your family room, or adding a four-season room can also help expand your buyer pool.
The point of adding square footage is to add more functionality to your home. One of the most functional and necessary rooms you could need is a cleanroom. There are a variety of factors that go into designing a controlled environment: filtration and the use of HEPA or ULPA filters, architecture and airflow, ventilation and pressurization, and temperature and humidity control. The experts at Western Environmental provide custom cleanroom design to your exact specifications and budget. They ensure every step of the design process complies with your specifications.
4. Rent out a spare room for side income.
A great option for investing in your home is to dip your toes into the real estate game and become a landlord. Converting a spare bedroom or finished basement into a rentable space is a great way to earn side income that can be applied to extra monthly payments that will pay off your mortgage sooner. The two most popular options homeowners choose to turn their homes into rental properties are by renting out on Airbnb or taking on a long-term tenant.