If you were under the impression that a home renovation is nothing more than a costly vanity project, think again.
Making improvements to your home can be beneficial in the long run.
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Performing maintenance or restorative works make your home more functional and safe; which can translate into a positive financial impact - helping you to save in the long run or it increases your home’s resale / rental value.
Here's what you need to do:
1. Update/ Upgrade to high-efficiency lighting
Changing your lighting options to greener varieties saves money in two main ways. Firstly, eco-friendly bulbs consume less energy which translates to more savings on your utility bills.
Greener bulbs also emit less heat when compared to incandescent ones and this helps keep the home cooler. You won’t have to run your air conditioner or fans as much, so you’ll save on lighting and cooling!
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Switch to compact fluorescents or LEDs (or both) and be sure to discuss lighting plans with your designer to achieve cost-friendly, optimum illumination with the right types/number of fixtures.
2. Maintain / Upgrade home insulation
And speaking of cooling, air conditioner power consumption usually makes up the largest sum of your electricity bill. One way to run your air conditioner more efficiently (to lower energy electricity bills) is to ensure that conditioned air isn’t escaping from your home.
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Ask your contractor to perform an insulation check and source for areas where cool air may escape. Seal off compromised areas and consider installing thermal reflective insulation on roofing to further deflect and dissipate heat, thereby reducing temperatures naturally.
3: Update Your Kitchen
Looking to increase the value of your home? Consider a kitchen update! Renovating your kitchen area to improve food prep and cooking functionality, the durability and hygiene factor of materials, as well as the ease of maintenance (i.e. being simpler to clean), generally represents a value-enhancing improvement.
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Highly-sought kitchen fixtures and additions include; deep-basin double sinks and modern faucets, kitchen islands or peninsulas (or breakfast bars), built-in dining bench sets, updated hardware, and built-in wooden or stainless steel cabinetry.
In addition, if your kitchen floors are worn and need to be replaced, consider upgrading to high-traction, easy-maintenance flooring such as vinyl, bamboo, etc - adding these features during a renovation could comparatively increase the resale or rental value of your home.
4. Update Your Bathroom
Similar to kitchens, bathrooms with an updated modern look are expected to be a major selling point down the line. So if you are planning on selling your home in the future, consider changing up your bathroom look to increase resale value. Concentrate on replacing broken or worn pieces such as the toilet seats, faucets, and showerheads, etc. and upgrade smaller fixtures before moving on to more significant projects.
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Once basic restorative works are done, you can move forward with more substantial improvements. Think about retiling walls and floors, or restoring/refinishing them if tiles are still in a generally good condition. You may also want to look into adding built-in cabinetry for added storage space. And, if cost, time, and space allow, consider adding a bathtub, as this addition conventionally increases home value and is a major selling point for higher rental rates.
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