As a homeowner, you have a lot to juggle: everyday life, home maintenance, paying the mortgage, and much, much more. In the busy hustle and shuffle of everyday life, home remodeling projects tend to get pushed to the side, in part, because they cost money.
But, there are many ways in which renovations and home upgrades can actually help you save money—some of them pretty much right away. In this article, we’ll review the home improvement projects that can help both save you money today and grow the value of your home for tomorrow.
Make your home more efficient and start saving
For most homeowners, their home’s “efficiency” isn’t really something that they think about all the time. In fact, most energy-efficiency upgrades and renovations aren’t even all that noticeable once completed.
But, there is one place where you’ll see their impact: your gas and electric bills. By making your home more efficient, you’re not just setting yourself up for future savings. You’ll actually start saving money right away!
One great thing about energy upgrades is that it’s easy to get started. If you own a caulk gun and some weatherstripping, for instance, you can start by sealing around your windows and doors to prevent cooled or heated air from escaping your home.
Adding attic insulation, in turn, can greatly reduce energy waste, as can sealing and insulating your home’s air ducts.
Every home and every homeowner has something to gain from improving their energy-efficiency.
Remodel your kitchen and master bathroom
When most people hear the word “remodel,” their mind instantly turns to kitchen and bathroom remodels. These are the two most common spaces where homeowners complete renovations.
There’s a reason for that: on average, kitchen and bathroom remodeling projects have a high return on investment (ROI) compared to other home renovations.
The key to completing a profitable kitchen or bathroom remodeling project is completing a high-quality renovation while spending less. Easier said than done, right?
As tempting as it might be at times, don’t cut corners just to save a few bucks. Some common mistakes homeowners make when remodeling include buying cheap, poorly made materials or hiring unqualified contractors.
In fact, hiring the right people can help you save money. Your kitchen or bathroom plumbing work should be completed by a certified, licensed plumber. While you’ll have to pay for labor, you’ll avoid costly rework or mistakes during your remodel.
Your plumber also has the tools needed to complete the project—tools you’d otherwise have to buy or rent. In talking to your plumbing contractor, they might also have the ability to buy high-quality materials, such as tile or countertops, at a contractor’s discount.
Give your home’s value a boost
Of course, you’re not limited to just the projects listed here. Just about any improvement that makes your home more attractive—from refinishing your deck to painting your walls—is going to also add to its value.
But, if you want a good ROI, you’ll need to ensure that most, if not all, of the money you spend on the project, comes back to you when you sell your home.
If you’re looking to boost your home’s value ahead of listing, there’s one person you’ll want to talk to first: your realtor. Your real estate agent is more than just someone who crunches numbers and handles contracts.
They’re an expert when it comes to buying and selling homes in your community. Your realtor is the one who knows what moves the needle—and what doesn’t—for a home’s value.
Before you start knocking out walls, talk to them about what your comps feature and, generally speaking, how much value you’ll derive from your kitchen or bathroom remodeling project.
Also, be sure to check out this infographic. It’s a helpful guide to home projects that delves into the ROI of several popular upgrades.
Take a look!