Home Improvements That Can Make Great Investments
Whether you’re planning on selling this year, or planning on shoring up your investment for the years to come, you want your home to be fiscally sound as well as beautiful. You know that some home improvements might be visibly fancy, but not change the worth of the home long term. What are some home improvements which can make great investments?
Upgrade Your Plumbing
If your home is more than sixty years old, it’s likely it has lead pipes, which can be problematic as well as leaky. Some newer homes were initially made with polybutylene pipes (in the seventies through nineties), and those are very likely to crack and break. If you live in a house with these kinds of pipes, a change can be expensive, with costs nearing ten thousand dollars, and involving cutting drywall. However, the benefits to insulated pipes which will not be liable to crack or leak can give a huge margin of return, up to 260% of what you paid to do repairs and replacements before sale.
Green Energy Improvements
Solar tax credits will start to expire after 2022. This means that if you’re thinking about adding solar panels to your home, the best time to get information about that change is right now! Solar panels not only help save you a great deal of money over time, generally paying for themselves after about five years or less, but help save the environment from dependency upon coal. Your local bank can help you get a loan to pay for the upfront costs, but as more homebuyers are looking for professionally installed solar panels which are not owned by the electric companies.
Knowing a home has adequate insulation assures home buyers that the house is cared for, as well. The benefit to you is immediate, with electric or gas prices lowering significantly while your home stays the same temperature inside. This will be particularly important as climate change is causing stratospheric rises in temperatures outside. With an added 166% return on investment price, there’s no setback to adding insulation. Newer foam insulations also block sound!
Whether you plan on moving right away, or are thinking of your home’s value long term, being able to add to your investment is essential to home ownership. Consider what things change the ways your home is used. Protect both your money now, and in the future with these investments as you remodel!