A lot of people refer to expenses involving the home as “investments,” and often that term is thrown around pretty groundlessly. A lot of “investments” don’t pay off at all. You’re not going to get any money thanks to a new chaise lounge. There’s nothing wrong with spending a little on what you love, but if you really want to “invest” in the home, then you need to find actual investments that can either save or make you money.
Here, we’re going to look as six real investments (without the air quotes) that can end up offering some financial gain if implemented right.
Green Energy (in the right circumstances)
The most common kind of renewable energy you can install at home are solar panels, which are becoming significantly cheaper and more accessible as time goes on. However, for now, they’re still costly so, before you invest, it’s a good idea to see whether you’re in a good place for solar energy. Check out the best cities for solar energy and, if you live nearby, consider making that investment. Even if you’re not in the prime areas, you could still get enough energy from solar panels to heat the home’s water, which would reduce at least one cost.
The Kitchen/Bathroom Makeover
If you want to give any room of the house a makeover, then there are few more valuable places to do it than the bathroom and the kitchen. When it comes to bedrooms and the living room, most of the decorative changes you might make can be changed relatively easily. However, installing a new bathroom and kitchen takes effort and investment, which means that new homeowners are not as willing to do it themselves. However, that’s what also makes. Renovations that focus on improving the practicality of these spaces, be it new counter tops and bathroom fixtures, tend to be most high-value.
Insulating the Household
One of the costliest bills in the home, and one that can be most easily influenced by a few investments, is the heating and energy bill. There are lots of ways we can cut down on our heating bill, for instance, and sealing up the home is the best way to do that. Whether by finding the best vinyl replacement windows local to you or by replacing old doors prone to air leaks, you can stop the heat from escaping the home in the colder years of the month. Similarly, a well-insulated home also stops the heat from infiltrating during the summer, cutting those AC costs.
Give it a Little Shine
The exterior is the face of the home and, like any face, a little makeup can give it some real appeal. Here, we’re talking about ways to up your curb appeal. A nicer garden, some local landscaping services, adding some exterior lights, and even a fresh coat of paint (or cladding) on the home can really boost the value of the home. This is due to the fact that a more attractive home is likely to bring in more interest and the more people interested, the more you can ask for.
A More Secure Home
There are all kinds of modern gadgets that help the home feel a lot more secure. From modern alarm systems to CCTV to security lighting, if keeping your home protected is a concern, there’s a lot you can do to protect it. Home security features are a very attractive feature for home buyers, too, and tend to be especially attractive to young families. Of course, there’s also the value of not having to buy any replacements for things that might be lost in the case of a burglary.
More Space is Always Good
It’s not always the most viable of options, but if you have the opportunity to increase the usable square feet in the home, you should consider taking it. Nothing adds more value than real space. This might mean converting the loft, finishing the basement, or even building an extension for instance. The first option is the most affordable and the latter might not even be possible if, for instance, local housing regulations forbid it. However, even knocking down a wall and making the house more open-plan could give it some real value.
If you’re talking about investing in the home, then you should be looking at things that can either save you money over time or, eventually, can help you sell the home at a better price. Otherwise, don’t call it an investment, just call it a cost of living.