Home Improvements That Pay You Back

Whether or not you have plans to sell your home in the future, it’s always wise to think about the improvements that you are making to your current home in terms of whether they will pay you back. Of course, when making changes and updates, it’s important not to price yourself out of the local market with expensive renovations or impractical additions that require a cash layout that you can never hope to recoup. Fortunately, when done wisely, there are many smaller– and less expensive projects you can tackle that will make a big difference in the functionality and aesthetics of your home. Here are a few home improvements that can increase the resale value of your home, both inside and out.

Add some curb appeal. The first thing a house hunter sees when scoping out a home for sale is the outside. It’s also the first thing that you see every time you come home, not to mention the view that your neighbors have. So why not spruce up the outside of your home and yard? You don’t have to be a master landscaper to keep your lawn looking trim and neat. Replacing your entry door, windows, and siding can both beautify and add energy efficiency to your home that you – and any buyer down the road – will appreciate. If you live in an older home, making energy-efficient changes can save you dramatically on your utility bills. Shop around for the best deal on windows and siding. With many companies in the business, it’s a competitive market.

Go green. The outside of your home is not the only place where you can make an eco-friendly impact. By swapping out energy-hogging appliances such as your water heater, washer and dryer, and kitchen appliances and replacing them with newer, greener equipment, you can save a bundle on energy and pursue tax benefits. A new furnace may sound expensive, but if you’re replacing an ancient, wheezing beast with a sleek new model, your monthly savings will quickly pay you back. Installing low-flow faucets and toilets will save you money on your water bill, too.

Convert your space. If you don’t have a lot of bedrooms, adding an attic or basement bedroom can make your home more attractive to a prospective buyer. Even a small space like a hallway niche or spacious closet can be repurposed into a pocket office with little effort or expense. If you have a bonus room in your basement, consider turning it into a media room – with the emergence of on-demand services like Netflix, more and more families are turning to in-home entertainment options as a means of saving money.

Add charm. Kitchens and bathrooms become dated quickly and almost any prospective buyer is going to feel the lure of a home in which these rooms have a modern feel. You don’t necessarily have to knock out walls and completely reconfigure the space you have in order to achieve a new look. Replacing cabinetry, countertops, and appliances with updated versions can refresh the look of an older design. Merely replacing existing lighting fixtures with new, more efficient versions can make a dramatic difference.

By keeping in mind your local market and paying attention to remodeling trends in your own neighborhood, you can make some solid improvements to your home that will repay you if you decide to move. In the meantime, you can enjoy a fresh spin on your existing space that won’t put a big squeeze on your pocketbook.