Today’s homeowners want more than just a place to rest their heads. They want an investment that will pay off in the future. Thanks to rising home values and low interest rates, now is a great time to invest in your house and build equity. Fortunately, there are lots of small home investments you can make now that will pay dividends later on. Want to know what they are? Keep reading for our top five home improvement tips for investing in your house and saving in the future.
Repair Your Roof
The roof is the first thing you should consider upgrading if you’re looking for a good home improvement investment. Roofs tend to deteriorate over time, and if you don’t replace them, you could be in for some costly repairs. Replacing your roof now with a more durable and longer lasting roofing material can help save you big bucks down the road. Additionally, you may qualify for a tax credit, which means you’ll get a portion of the cost of the roof paid for by the government. Roofs can cost anywhere from $2,000 to $15,000, but the benefits will far outweigh the costs.
Install Energy Efficient Windows
If you live in a climate that gets lots of sun, you’ll want to consider installing energy efficient windows. Replacing old, drafty windows with new, energy efficient models will help lower your utility bills and make your home more comfortable. New windows can cost anywhere from $500 to $2,500, depending on the type you choose. But, they’ll pay for themselves over the next 10 years thanks to lower energy bills. Heat gain and loss through windows accounts for approximately 25-30% of residential heating and cooling energy use, which means you can drop your energy bill significantly with new windows.
Update Your Kitchen
Kitchens are one of the most expensive rooms in the house to remodel. That’s why it may not be the best home improvement investment for those on a budget. But, if you’re looking to spend some money on your house that will last for years to come, consider updating your outdated kitchen. New cabinets, countertops, and flooring can dramatically change the look and feel of your kitchen. You may even want to consider replacing your appliance if you’re kitchen is very old. New cabinets can cost $2,500 or more, while countertops and flooring are typically under $5,000. You may even be able to find used kitchen cabinets at an affordable price.
Consider Installing a Solar Panel System
Solar panel systems are a big investment and not one we’d recommend for everyone. But, if you have the money and a good amount of sunlight where you live, it can be a worthwhile investment. Solar panel systems cost anywhere from $15,000 to $25,000, but they will pay for themselves in about a decade. Once the system is paid off, it will continue to save you money for decades to come. You may also qualify for government rebates or tax credits that will help offset your costs. Solar panel systems can also add significant value to your house.
Home improvements don’t have to break the bank. In fact, many of the best home improvements are cheap or even free. New roofing, energy efficient windows, and new cabinets are just a few of the many upgrades you can do to your house that are relatively inexpensive. These upgrades can add significant value to your house, reduce your energy bills, and even pay for themselves over time. So, next time you’re looking for a home improvement project to tackle, consider one of these. We’re sure your house will thank you.
