Expensive Home Upgrades That Can Save You Big Money
Most homeowners shy away from remodeling their homes. While it’s true that refreshes can be expensive and time consuming, they can also be beneficial to a home’s long term value. If you’ve reviewed your finances and can afford to upgrade, why not drop the sticker shock and grab a sledgehammer instead?
Here are some rebuilding ideas that pay for themselves over time, leading to long term savings on utility bills and possibly raising your home’s value.
Installing Solar Panels and New Windows
Solar paneling is more affordable than ever, and while they won’t eliminate utility bills, they’ll help decrease monthly costs. Your savings could eventually cover the cost of the panels, leaving you (and your home) the freedom to kick back and soak in the sun’s rays. Installing new windows can also cut down on monthly expenses, as they would better insulate your home. Imagine not having to turn up the AC every time you start sweating over the electricity bill.
If you plan to sell in the future, expanding your kitchen or master bedroom or adding a bathroom could increase your home’s value. Just be sure to do your research, get to know the market and your neighborhood. You don’t want to put money into a huge project, then have property values in the area dip before selling. It’s also likely that you’ll be displaced during a bigger renovation, so be sure you can afford a displacement— one that extends well beyond your contractor’s timeline. Just in case.
Buy A New Home Instead
The most expensive, but cost-effective, option might be moving into a new home. Finding a property already equipped with the upgrades you want saves time and energy. And, with mortgage interest rates near historical lows, you could find it’s more affordable than you thought and may lead to better return on your investment than updating your current property.
Always consider your financial responsibilities and set an honest budget for yourself before embarking on a major refresh or buying a brand new home. Remember, your goal here is to save money, not risk losing the home you love and worked so hard to improve.
We at Open Mortgage are always available to discuss all of your home financing needs. Be sure to visit OpenMortgage.com to learn more about home financing and to talk with an agent today.