Once you have purchased your home, you have made a significant investment. There are some home improvements you can make which can increase the value of your home and make the space you have more livable for you and your family. While many are concerned about “curb appeal” for potential sale in the future, there are other effective methods of improving your home which often offer more value.
Making Your Home Energy Efficient
Over the time you own your home, you will pay heating and cooling bills to keep your living spaces comfortable. Consider increasing the value of your home and lowering those expenses through energy efficient updates like upgrading appliances, replacing drafty doors and windows, adding solar panels or energy efficient heating and cooling systems.
In many cases, your electric company will offer you an energy audit which can help you identify ways to lower the cost of heating and cooling bills. Some may even offer special discounts on upgrades as well as provide free or low-cost supplies such as insulation. Taking these steps not only makes your home more comfortable for you and your family, they may also increase the value of your home should you decide to sell later.
Upgrading Interior Space
For those homeowners who have unfinished basements, there is an opportunity to make the space more usable for your family. Finishing the basement allows you numerous opportunities for creativity. You can remodel a basement to use as a home office, a family room, or a game room. Not only does this type of work make the space more usable, but it also can add resale value.
Other interior upgrades to consider include upgrading your kitchen and bath. Replacing old fixtures, customizing your cabinet space, and adding new counter tops can improve the usability of existing rooms and make them more appealing for your family.
Use Caution When Upgrading Exterior of Home
For those who are considering exterior upgrades such as installing a swimming pool, fence, or other addition, keep in mind that some projects could increase your insurance premium as well as your property taxes.
Whether you are considering energy-efficient upgrades for your home to save money, or you are considering another type of home improvement do your research and find out what improvements provide the most value. Speak with your insurance agent to make sure any improvements will be covered by your existing insurance policy as well. In some cases, you may have to increase your coverage.