If you intend to sell your house, undertaking home upgrades that add value can improve the house’s market value and help it sell faster. However, even if you do not intend on selling the house, certain home improvements can save you money both in the short and long term. For example, installing insulation will reduce your energy costs.
9 Home Improvements That Will Save You Money
Below are some home improvement ideas that will save you money.
1. Install a Solar Panel
Although installing solar panels for home can be costly upfront, they offer numerous benefits. You could explore various financing options or opt for leasing.
Solar panels are durable with minimal maintenance costs. On average, they last 20-25 years. Since they do not have moving parts, they have minimal wear and tear. Only a few parts require to be changed every 5-10 Years.
Solar panels have a wide range of applications in the house, reducing your electricity bill. They can be used to supply energy for heating, lighting, and powering some appliances. Therefore, by the time you need to replace your solar system, you will have recouped your initial costs in reduced energy bills.
Also, installing a solar panel qualifies you for the federal residential solar energy credit. It is a federal tax credit for your income taxes. The credit rate is 30% of the cost of buying the solar system and associated expenses such as permits, labor costs, installation, and more.
2. Upgrade the Gutters
If your gutters are worn out, clogged, and leaking, replacing them can save you money. New, well-functioning gutters ensure that rainwater is drained appropriately. As a result, they prevent issues such as mildew and mold growth, foundation damage, roof damage, and flooding, all of which can be expensive to repair.
If your gutters are still in good condition, it is advisable to clean them regularly to prevent clogging. Cleaning not only ensures that they work effectively but also improves your home’s curb appeal.
3. High R-Value Insulation
Insulation helps to keep your home at a desirable temperature range both in summer and winter. On average, homes lose up to 35% of heat through walls during winter. Insulation ensures that the heat is retained within the home. On the other hand, it keeps hot air out and the conditioned cool air in during hotter seasons.
Installing high R-value insulation in your home lowers your energy costs. Although it is costlier than lower R-value insulation, it will save you more in air conditioning costs over time. This is because high R-value insulation is thicker and offers better heat resistance.
According to the EPA, homeowners who install high-quality insulation can expect to reduce their heating and cooling costs by up to 20%. The saved-up amount adds up over the years, and you save tens of thousands in air conditioning costs. Besides, high R-value insulation lasts for many years and requires minimal maintenance.
4. Tankless Water Heater
If you are still using the traditional tank water heater, consider upgrading to a tankless one. These heaters produce hot water on demand. They can reduce your water heating costs by 25%-35% compared to conventional tank water heaters.
They are most suitable for households that utilize 40 gallons or less of hot water daily. Once installed, they can last for 20 years or more. On the downside, they can cost up to 3 times in initial buying and installation costs than tank water heaters.
5. Smart Tech
Smart tech is convenient and saves you money both in the short and long run. For example, motion sensor lighting ensures that lights do not remain on in a room when it is not in use. You can also use an app to control the lighting intensity.
A smart thermostat allows you to regulate temperatures while away from home. For instance, you can use the remote thermostat control to switch off your air conditioning after you leave home and switch it back on a few hours before you get back.
Also, consider other home devices such as smart sprinklers, leak detectors, water shut-off systems, and smart plugs. Even if you do not have money for home improvements, most smart home devices are affordable, with some costing less than $50.
6. Upgrade Your Kitchen Appliances
Newer models of various kitchen appliances are designed to offer better energy efficiency. They also offer advanced technology features and improved functionality. If you are looking to sell your home in the near future, they improve the appraisal and perceived value of the house too. This can result in an increase in the home sale price by 3-7%.
You do not have to install high-end appliances. You can find some budget and mid-range appliances that offer top-notch performance. The key is conducting thorough market research to identify reputable brands and models.
A good place to start with our research is by checking online reviews. Often, customers go to review websites such as Pissedconsumer.com to provide feedback on their experience with a given company’s products, customer service, shipping and delivery, technical support, and policies on cancellation, returns, exchanges, and refunds.
Aside from checking the overall rating, pay attention to the detailed information provided in the consumer reviews. Look for customer feedback on ease of installation and use, durability, and common issues with the appliances.
7. Security System
Installing a home security system is one of home improvements that can save you money in several ways. First, it lowers the risk of a burglary that could lead to the loss of valuable items. Your home insurance plan could also qualify for theft protection discounts. They give you a basis for negotiating lower insurance premium rates.
There is a wide range of home security systems you can install. For example, window and door alarms, surveillance cameras, perimeter walls, fire and smoke alarms, home security monitoring systems, etc.
8. Install a Water Filter
If you are constantly buying drinking water because you are concerned about the impurities in your tap water, installing a water filter will save you money. Under-sink models are relatively affordable and easy to install. The only maintenance required is changing the filter every 3-6 months.
Or, you can go for a more elaborate whole-house filtration system. It purifies water throughout your house, including shower, laundry, and cooking water. It is installed at the point of entry, which protects your heater and plumbing from hard water. It also saves you in detergent costs as the detergents lather easily and are more effective at dirt removal.
9. Install Low-E Window Films
If you do not have a budget for replacing your existing windows with energy-efficient ones, install low emissivity films on your windows. Window films are efficient at barring hot sun rays from the house during summer and prevent heat loss through the window during winter. On average, they cost $5-$15 per square foot. They can save you up to $300 in energy bills annually.
Some home improvements do not save you money or improve the value of your home. Therefore, you must be strategic about the type of home upgrades you choose to undertake. The nine home improvement ideas discussed above are great options.
Always do your best to find the best products and service providers for your home improvement projects. Check consumer reviews on different websites and forums to establish the credibility of prospective service providers and products.
Also, get quotes from different companies to get the best price. If you qualify for any home improvement financing program or tax credits, take advantage of them.
