Home improvements not only make your place beautiful but can also increase the market value of your property. It is a known fact that making home improvements without proper planning can be expensive. Here are a few tips from experts to help you carry out valuable enhancements without burning your pocket.
Tip 1: If you are planning to sell your house, you must know that updated homes usually sell faster. The remodeling of your dated or dark kitchen and bathroom is one of the most cost-effective and profitable home improvements you can make.
Tip 2: If the interest rates are falling, it is time to refinance your mortgage. Contact a few financial institutes to find out the interest rates they are charging. If the rates are lower that what you are paying, you can close the existing mortgage which can save thousands of dollars each year.
Tip 3: To make your home even more beautiful, you can add a small living area like a family room.
Tip 4: When planning your home improvement, make sure you find out how long will the items last. For example, a new chimney will last for at least 100 years, but a wooden chair may last for only 15 years. This simple analysis will also give you an idea of the salvage value of the product.
Tip 5: Similarly, if you are planning to get a new appliance for your home, find out the average life expectancy of the appliance. Here is a small brief on how long they last:
- Microwave: 8 years or more
- Refrigerator: up to 18 years
- Washer: about 8-10 years
- Stove: 10 years or more
Tip 6: One of the ways of significantly improving the value of your home is by adding a second bath to your home.
Tip 7: At times, you have to make an investment to save money. For example, if you get a new refrigerator, you can reduce your electric expenses. You can also insulate your attic to reduce your air-conditioning and heating bills. These improvements not only reduce your expenses but also increase the value of your property.