Strictly speaking, unless you rent out your property to paying tenants, it’s not an investment. However, you still can invest in it to maintain its value and increase its functionality.
In many cases, when you invest in your home, you make back the majority of money you spend when you come to sell. For example, you might get back 75 cents on every dollar you spend. However, in some cases, you can actually make money. For instance, you might get $1.20 back for every $1 you spend, though this is rare.
However, even if you don’t make back 100 percent of your original investment, there are still good reasons to go on a bit of a spending spree. That’s because you can benefit from the upgrades you make today.
In this post, we take a look at some of the best ways to invest in your home, ranked.
#10: Underfloor Heating
Radiators can be unsightly. And while designers have done their best to make them appear more attractive in recent years, they are still somewhat lacking in that department.
The good news, though, is that you can now eliminate radiators altogether with underfloor heating. These fully-electric systems fit under your hard flooring or carpets and use the power of electricity to heat elements that warm your home evenly.
#9: Improved Kitchen Storage
These days, most families want gourmet chef kitchens in their homes. That’s because they want to be able to make any meal they like, and don’t want space to be a limiting factor.
Improving kitchen storage, therefore, is a good idea. It helps to make your kitchen more functional and reassures potential buyers that there’s enough room for them to keep all their items.
Look for opportunities around your kitchen to increase your use of underutilized space. If there’s a corner that you’re not exploiting, think about how you could add cabinets or other items to boost its functionality.
#8: Solar Panels
Coming in at number eight are solar panels. The benefits of installing these should be obvious to practically anyone. Not only can you benefit from tax credits by installing them, you can also generate your own energy, potentially slashing your energy bills. What’s more, people who want to buy your home in the future will appreciate that you’ve already gone to the hard work of installing them, and that they don’t have to.
#7: Waterproofing The Basement
While it might sound a little boring, waterproofing the basement is one of the best ways to upgrade your home and increase its sale price. That’s because it’s the type of job that new owners don’t want to have to worry about when they move in. Buying a property and then doing substantial work on it is not an attractive prospect for most people.
Waterproofing the basement usually just means placing a waterproof membrane, like a sheet of plastic, behind the drywall. However, there are other methods, so you’ll need to check which is the most appropriate for your building.
#6: Manicure The Lawn
Having a green and verdant lawn not only looks great, but it can be a great way to add value to your home. It usually costs somewhere between $500 and $1,000 to properly manicure and maintain your turf. However, it can raise the selling price of your property by a whopping 10 percent.
Of course, to calculate the true cost of your lawn, you’ll need to factor in the labor you dedicate to maintaining it. However, even when you add this in, you still find that it is a good way to invest in your property. And you can enjoy it too.
#5: Install New Windows
Installing new windows is one of the best ways to add value to your home. Buyers often want properties that are going to save them money on their utility bills and prevent heat from escaping their homes.
Renewal by Andersen Window Replacement, a firm that replaces both doors and windows, says that the main benefit is the reduction in drafts. The elimination of gaps between windows and the surrounding frame helps to prevent air transfer – the killer for energy bills.
Installing new windows helps you to get around this problem. Today, there are many styles to choose from, including gliding windows, picture windows, casement windows, and awning windows that swing from the top, not the side.
#4: Finish The Attic
While any attic space will add to the value of your property, half-finished attic conversions can be a drag on your sale price. Having one fewer completed bedroom can affect interest in the residence, particularly among those with larger families.
The trick here is to simply finish any projects that you’ve started, or hire a building company to carry out a quick conversion for you. You’ll need to lay a proper floor, add the right fittings, install drywall so that beams aren’t exposed, and install skylights. Most conversions can be done for less than $15,000 and may add equal to that or more to the value of your property, depending on your location.
#3: Garage Doors
These days, there are all sorts of styles of garage doors to choose from. You don’t have to stick with a generic look if you don’t want to.
The ultimate upgrade is designer garage doors with an electronic opening mechanism. These open and close with the flick of a button or when they sense your car approaching.
Garage doors also sometimes come with insulation. This makes it more comfortable to work in the garage over the winter months, without being so heavily reliant on your fan heater.
#2: Bathroom Vent Fans
Coming in at number two are bathroom vent fans. This might come as a shock, but bathroom vents are one of the first things that buyers and surveyors look for when checking out a house. Vent fans are a sign that the home conforms to modern building regulations and that the bathroom isn’t going to get steamed up and moldy, every time someone uses it.
There are several types of vent fans. Some older properties have passive fans built into the windows. These rely on pressure from hot air pouring out of the bathroom to the cold air outside to spin, but they are not very effective, as you might imagine.
The next step up is electronically-tripped fans. These switch on whenever you turn on the bathroom lights and then continue running on a timer after you switch them off.
However, you need to be careful here. Some fans don’t extract to the outside, instead routine steamy hair to your attic or another area of your home. Avoid these if possible.
#1: Decks
Perhaps the best way to invest in your home right now is to purchase decks – outdoor areas made of wood or synthetics that act a little bit like patio space.
What’s nice about decking is the sheer area it can cover and how natural it looks. It’s a great way to add value to your property and offers a flexible space for work and entertainment. Because it acts like a regular hardwood floor, it makes it easy to add furniture and set up outdoor rooms.
Over recent years, lumber has been expensive. However, now that supply shortages are slowly working their way out of the international logistics system, it is becoming less of an issue and prices are coming down. It might be a good opportunity to invest now so that buyers don’t have to spend money on deck when wood is more expensive in the future.
Mia Guerra
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