Ways To Invest In Your Home
With investment being a hot topic in the finance world, most people don’t think of their home as a money saving investment option. However, by investing in the right home improvement and maintenance projects, you can increase the value of your home as well saving you money in the long run. Investing in your home may include making major repairs, remodelling your house, making extensions, adding terraces and windows, organising your back garden, and more. Here are some of the best investments you should consider for your home.
Trendy Comes Right Before Tacky
When redecorating and furnishing your home try to avoid temporary trends, instead opt for timeless style. Avoid filling your homes with disposable furniture, repeating the same trend mistakes every few years, wasting money and cluttering up a landfill. It’s a far better use of your money to save up for a well-crafted, well-built piece of furniture that will stand the test of time, not stuff that gets chucked out after a year or two.
Replacing Doors and Windows
RealEstate.com estimate that you can expect a 72% return on investment for replacement projects, and even more if the existing windows or doors are in a particular bad shape. The best investment would be energy efficient windows, self-cleaning conservatory glass and a shiny new draft excluding front door.
Add a new bathroom
The price of adding a new bathroom can vary substantially, depending on where you live and how difficult it is to put in the necessary plumbing. But it’s worth considering as adding a half bathroom could raise a home’s value by 10.5% and a full bathroom by 20%.
Stonehouse Kitchens call a small kitchen model a “remarkable return on investment” when compared to several other home remodelling projects. The average return on investment of a kitchen remodel is valued at 87%. Here are some budget friendly remodelling options to consider:
- New cabinets – Having your cabinets painted or stained is a great way to bring them into the 21st century without exhausting your budget.
- New floors – If you’re on a time and wallet budget, linoleum and vinyl tiles come inexpensively
- New fixtures – Small changes such as updating lights, switches, and outlet plates can drastically update the appearance of your home.
You can some kitchen inspiration from Emily May Designs.
Big Ticket Maintenance
Its commonplace for homeowners to only replace big-ticket items such as air conditioning and heating or roofing when they finally fail. And while there is some logic to that approach, you might be able to take advantage of lower costs and discounts by shopping for these things at your leisure (and at a time when you’re in a good financial place). New roofs or heating systems can also dramatically lower your heating costs, particularly in the winter. But if pre-emptive replacements aren’t at the top of your list of home investments, at least consider setting aside a rainy day fund to navigate these potential future expenses.
Green Energy Options
Depending on your location and the facing of your home, it could be worth considering investing in solar panels, wind turbines, or other green energy options. This type of investment won’t only increase the value of your home, but it will likely lower your electric bills, protect you from fluctuations in the cost of energy, and could even generate income for you later down the line.