Americans have been investing in home renovations more than ever, especially after seeing them in a new light during the lockdown. The 2021 Houzz and Home Study revealed that home renovation projects rose by 15% last year. The median expenses for these changes have also gone up due to the homeownersâ€™ desire to improve their housesâ€™ beauty and functionality. While the median expense is around $15,000, homeowners who invested in kitchen remodels shelled out as much as $40,000. Home renovation projects can be very expensive, which is why itâ€™s important for homeowners to get the best value for their money. Recognizing this, our article “Rebuild vs. Renovateâ€™ emphasizes that homeowners must avoid overcapitalizing when it comes to these home projects. That means the value of these renovations need to outweigh the costs so that your investment pays off in the long run. To illustrate, here are the following features that you can invest in to add more value to your home:
Well-positioned Windows and Doors
Old windows can be difficult to utilize, plus they can increase the maintenance issues in your space due to leaks, drafts, or condensation. Unfortunately, these issues can decrease the value and functionality of your home. On the other hand, new windows and doors can improve the appearance and function of your home. French doors that direct towards the garden can improve the lighting of your home while adding an elegant touch to the space. You can also add energy-efficient windows that help reduce your energy bills by 35%. This is because they’re built with insulation, allowing either heat or cold to stay in the house longer.
Upgraded Home Appliances
Home appliances can also boost the value of your home by adding more functionality and features. USA Today suggests getting discounted bundles to save costs. This will help you upgrade a whole suite of appliances in one go. Plus, it ensures that the fixtures will match in color and aesthetics. Moreover, these newer technologies reduce the amount of maintenance required in general home upkeep, which is a major factor that affects home value. Some appliances even offer energy-efficient settings and smart features, which can be very convenient for homeowners.
Renewable Energy Systems
Adding renewable energy systems can be costly, but these renewable energy systems provide a stable power supply. Thus, your house will be resilient and functional, even though power outages. Moreover, Marcus explains that residential energy credits are provided to homeowners who use renewable energy sources for their properties. These property credits cover about 10% of the qualified energy efficiency improvements made on your home. Thus, renewable energy sources make great investments because they add value to your home and provide returns through tax credits, at the same time.
Additional Living Spaces
Finally, you can increase the value of your home by creating additional living spaces. These additional spaces do not only boost home value but also expand the propertyâ€™s capacity and functionality. Plus, possibilities are endless. You can add all sorts of new features to make your home more unique or visually appealing. In fact, remodeling platform Houzz noted that home extensions rose by 52% during the COVID-19 pandemic. And today, homeowners are utilizing these new indoor and outdoor spaces as their personal gym, home office, study space, and more. You can improve the functionality of your home and benefit from great returns by investing in the features above. Just make sure to calculate your budget and study your options to ensure that you’re making the most out of your renovation project.
Written exclusively for Tongue-and-groove.com
by Alice Crest