Five Smart Ways to Invest in Your Home and Save Money
As a homeowner, you know that your home is not just a house but also an investment that gains value over time. There are certain things that you can do to save money and many measures you can take to add value to your home.
- Invest in energy-saving appliances: These appliances are often more expensive initially, but the amount of money you’ll save over time by cutting the level of energy used is worth it. According to energysave.com, “a typical dryer can consume as much energy per year as a new energy efficient refrigerator, washing machine, and dishwasher combined – and if you have an older model, that number could be even higher.” Start by replacing your dryer, and also consider investing in an ENERGY STAR certified washer, refrigerator and dishwasher. Not only will you save money, but this will put value back into the resale of your home. People like appliances they know will save them money.
- Remodel: If you have the money and your house needs updating, or you feel you’d be happier with a few cosmetic updates, go for it! Some suggestions include installing new hardwood floors or new tiles in the bathroom. Additionally, replacing bathtubs or sinks with more aesthetically pleasing versions, adding storage or painting all adds value to your home. Plus, the process is fun!
- Start a rainy day fund: Everyone has experienced those unexpected incidents that can drain your bank account. If you have to suddenly fix plumbing, replace an air conditioning unit or correct water damage, your finances can really take a hit. Try putting a set percentage of each paycheck into a rainy day fund earmarked solely for your home.
- Landscape: Most people would love a beautiful outdoor area! If you’re trying to add value to your home, landscaping is a wonderful and exciting way to do it. Update your fence and gate, add a rock garden, pond, gazebo, stunning flowers or shrubbery or even a cool fire pit area. There are many amazing ideas to take advantage of, like pretty lantern lights, a greenhouse or a new porch with an outdoor bar. Add a top of the line grill and modern chic seating, and you’ll be the best host on the block for summer cook outs or winter bonfires
- Install energy-efficient window treatments: If your home has old, outdated window treatments, it could mean higher heating or cooling costs. Making the decision to invest in energy-efficient window treatments can save you around 25-50 percent on your energy bill yearly. Aside from the money you’ll be saving, energy-efficient window treatments are a hot commodity and certainly add to the resale value of your home.