Home Renovation That Pays
Many homeowners have projects on their mind that would improve the look and function of their homes. In the same thought return on investment is on the top of their minds and is as important to most as functionality and the pleasure factor a renovation creates. While the household’s needs should be top priority to consider, the added resale value of a property is a factor to take into account as well, a consideration that could save and possibly make you money in the long run. Think about ROI when you’re deciding your home renovations and the materials that go into the project. Any time home improvement projects are considered people usually want the outcome to do double for them. If you get new counter tops you would not only want the materials to look good but you also want them to be durable. If you invest in hardwood flooring you want durable wood that looks nice and is easy to clean. There are also some simple updates that can save you money in monthly bills.
Renovation can be fun and profitable. Some renovation projects will not only beautify your home and make it functional but will also give you a return on investment if you decide to sell that property. Studies suggest that most renovation projects increase the price of the home resale, and while the price of the project may be more than the added market value to your home the investment will most likely be worthwhile or even necessary. There are a wide range of projects and renovations that will add enjoyment to your home and some will bring you full return on investment.
To gain resale market value from your renovation project considers what some modern upgrades could be to your home. Many people desire older homes for the classic appeal, however they still want their modern convinces and life style. For example an older kitchen may have a timeless look that appeals to buyers but is tiny with limited cabinet space; a factor that can deter a potential buyer. Bathrooms are another big draw for potential buyers both quality and quantity count here. A house with multiple bathrooms is a huge plus; ones with updated crisp clean fixtures can make all the difference. A property with only one bathroom or even several baths but ones that are dingy and outdated with mold in crevasses that can be almost impossible to clean can quickly change the mind of a potential buyer. Investing in these two rooms of your home in particular can create a substantial ROI, just think of the amount of time you spend in either of these rooms on a day to day basis, and how important it was in your decision making process when you’re looking at potential new home. The renovation doesn’t have to be huge to see the value of your home improve. Some ideas are updating old countertops or replace bathroom fixtures. Lighting is key factor in the feel of a room, you could try installing new lighting fixtures to brighten things up and add style to a room. A coat of paint goes along way; repaint closets, cabinets, and walls this can be a low cost way to increase the value of your home.
Some larger projects to consider that can even bring you a profitable ROI are replacing your windows, especially in the New England climates. Windows are more than just curb appeal they help insulate your home. With heating prices rising energy saving is on many people’s minds. Windows can help insulate your home, a poor quality window however will do quite the opposite, and they leak heat or cool air right out to the elements as if you were literately throwing money out the window. Windows can also be tinted to block the sun or let its warmth in to help heat your home. Windows can also be glazed to help protect your floors and furniture. There are many options for window replacements; style, efficiency, and purpose are all factors to consider with windows.
Some other low cost improvements and tips to add value to your home and decrease your monthly bills could be Programmable thermostats, whole house fans, and energy efficient appliances. Programmable thermostats can run you up to $150 or as little as $35 But the higher end models can be a worth wile investment. You can program them to turn off when you are leaving the house and start heating your home back up shortly before you come back home. This can translate into massive savings over several years. House hold fans cycle and flush out stagnant air so heat or cool air from air conditioning can pump the new desired tempered air more efficiently and can save you up to 25% on your energy bill. 50% of your homes energy is used to heat water energy efficient appliances can use up to 35-40% less water. When you think of the money saved not only on your water bill but also the energy saved from heating that water it starts to add up and the appliances can pay for themselves over time.
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