Home renovations cost money, money that could have gone to investments and your retirement account. But just because you’re spending money on renovations does not mean that you’re throwing it down the drain, because knowing which improvements to make could boost your home’s value significantly.
If you are planning on making home improvements but are unsure where to put your money, here are the top three areas of improvement that will give you most in terms of return of investment:
1. Security – Improving your home’s security is beneficial not only because it helps prevent burglaries, saving you lots of money in lost property, but also because the return of investment for security features is pretty good. If you’re wondering whether you should buy a high tech security system though, perhaps you should first buy a steel-reinforced front door, then bars for you first floor windows, security screen doors for your back door, and then a good sturdy garage door (in this exact order). The reason for this is that reports state that “In order of percent of burglaries, thieves come in through: the front door, first-floor windows, and back door primarily, followed by the garage, unlocked entrances, and the basement.”, so it makes complete sense to address your security situation in the same order! Furthermore, Fox says that these additions are “great way to add guaranteed value” because “you’ll make back nearly 100 % of that when it comes time to sell your home” for reinforced front doors while getting up to 85% ROI for garage door replacements.
2. Energy saving measures – Energy saving improvements will not only drive down your electric bill, but will actually drive up your home’s value with a 14% increase in value on average. The improvements does not have to be something major as having solar panels installed, but something more practical for the common person (who can’t afford solar panels) like proper insulation and more energy efficient heating systems (e.g. hot water system and air-conditioning units). The reason for this is that homebuyers are starting to understand that a more energy-efficient home will save them money in the long run, and so are willing to shell out more money for such houses.
3. Aesthetics – People are very much into first impressions, which is why simple budget-friendly improvements that gives your home a facelift pays off really well. Perfect home improvements for those on a budget but want to increase their home value would be a new coat of paint, landscaping your yard (Make it a DIY job to keep it cheap!), and changing old rickety cabinet knobs. Of course you can also go all out and redecorate a room or your entire house, which can be costly, but hey it will boost your happiness aside from boosting your home value.
Kiersten Gurry is a freelance writer in Flagstaff, Arizona. She writes on a wide variety of topics in the home improvement industry specializing in ornamental artwork. In her spare time she writes for www.firstimpressionsecuritydoors.com
Photo Credit: Images of Money