Home Renovations That Will Save Money in the Long-Run

It can be difficult to know where to start with home renovations. Skill levels, budgets, whether or not you’re waiting on a federal tax credit or return, and a whole lot more can play into where you start. But if you are a homeowner looking to make some improvements to your home, there are some projects that will pay off long term. Whether your bucket list includes renovations like roof repair or installing a solar panel system, you’ll want to consider which projects to take on first. This may include a little research and some homework but could very well pay off. If you’re interested in some home renovation projects that can mean savings down the road, read on.

Flooring and Basements

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Nothing leaks heat like old windows, doors, and flooring. One way to save some money long term is to consider updating flooring, windows, and doors throughout the home. While the project may not be as satisfying as cosmetic work, new trim or baseboard, and a massive paint job, the money you’ll put back into your pocket down the road could make it a good trade-off. When considering projects that could save you cash over time, think about your basement space. Is your flooring concrete? One way to insulate that many don’t think about is to put some foam and flooring down. Especially in colder areas, this will build a natural barrier from the ground into the house. Later, you could even rent that basement space out and add tenant payments to your bank account.

Once you get new flooring figured out, treat yourself to the fun stuff. Something as simple as faux fur rugs can make a home feel new and be the perfect reward for all that cost-saving renovation work. Faux fur gives you that luxurious feel of real fur, without the added cruelty that comes along with it. Make sure to get a quality faux fur rug that you can easily clean, too.

Energy Efficiency

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Most people already know why you should install solar panels. While they may be costly upfront, solar incentives pay off long term. Not only is solar power better for the environment, but things like solar tax credits, being in charge of your own renewable energy source instead of depending on the electric company, and more are other reasons to look into residential solar panels as another cost-saving home renovation. While this process can be expensive, solar panel sellers often offer financing and solar loans to help you get started. This is a great case of doing your research to find the solar panel solutions that are right for you. You might be surprised to learn that solar equipment can be affordable and pull your electric costs way down if you’re willing to ask around.

Water

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Maybe you don’t own but instead, rent a multi-family house. If this is the case and you can’t make renovations yourself, another thing to consider is letting your landlord know about FlowRite and companies like them who work to be sure utility use is measured accurately. There’s nothing worse than paying for your neighbor’s showers. A way to save yourself money is to be sure you’re only paying for what you use in your household.

If you do own a home, upgrades to leaky faucets, showerheads, and more could be simple renovation tricks to saving money on water. if you aren’t hooked up to public water, consider maintenance for your well. This is something that will pay off later if water issues come around.

In the end, there are always dozens of renovation projects you can do in your house. But in tackling the ones that will save money down the road first, you will put yourself in better positioning for fun projects or even that vacation away from home. A way of investing in yourself by increasing your home equity, home renovations that are financially savvy are the way to go when deciding which project to take on first. In taking advantage of the tax credits offered for certain projects, you can even save more. So before you pull out that hammer and skill saw, be sure to look at the overall bigger financial picture. Happy renovating!