Lowering costs sometimes requires a financial commitment. If you want to get rid of a car loan payment, you have to pay it off. Sometimes, the best way to lower your monthly expenses on your home, mainly through energy or usage of the property, is to spend money and make significant and needed upgrades. These upgrades can require anything as small as a toaster oven or as big as a new roof. The advantages they offer you all include newer options, higher home value and lower monthly costs.
In some cases, these upgrades may also include tax breaks, refunds or insurance breaks, but that is based on where you live and the upgrades you are making. Researching this with each option will be the easiest way to determine how much you can save or get back. Those who offer the services or products may also be able to provide that information.
Best Home Upgrades to Save
Home value is important and every property will need upgrades over the years. Delaying these upgrades can save you money in the short-term. However, they can eventually cost you more money, especially in the area of energy usage. The more you can save in the long-term, the better. But if you can choose options that are cost-effective now, it’s even better. Here’s where you can start:
- Appliances: What condition is the dishwasher or air conditioner in? If they are older, they could be using up more energy, not to mention having to run longer to do what you need them to do. Energy efficiency is not just about cutting down on the energy that’s needed to do a task, it’s about doing a better job and making things easier on you.
- Windows: Older windows will not only make it more difficult to keep your home cool, but eventually could have leaks and other problems. Windows and roofs are two of the things homebuyers look at before determining if they want to buy the property. If you are planning to sell in the next decade, upgrading these areas make the most sense to start.
- Roof: Your roof is going to have a lifespan of 20-25 years. However, that may not mean that it can go that long and be in great condition. If you are experiencing leaks, loss of heat or cold air, or other issues with the structure and it is over 15 years old, replacing it may be a more cost-effective solution than repairs.
- Solar: A great way to save on pool heater energy use or other addons to your home is with solar. Look into how you can have smaller panels in other areas of your property than your roof as well.
- Low-maintenance lawn: How much money does it cost you to maintain your lawn? Water and maintenance costs are a recurring cost but if you can upgrade your lawn to lower both, it could be a great benefit long-term and make it easier to keep your lawn looking clean.
- Air conditioning unit: Your air conditioning unit is the most expensive aspect of your house because of the cost of energy as well as the cost of maintenance. If you are having multiple problems with your unit and it is no longer under warranty, replacement makes the most sense.
- Closing in a carport: You can replace a carport with a garage or a new room and add value to your property, not only as far as money, but in usage to you as well.
- Changing up a spare room: Have a room you are not using? Make it a home office or even rent it out to someone.
- Build a deck: An overlooked but cost-effective way to cut down on your costs is to cook and eat more at home. This means grilling and if you love to grill, you need a great deck.
- Update your plumbing: Old plumbing can cause the cost of water usage to spike as well as the cost of keeping your plumbing under control. Replacing the system may be the best option especially if you are ready to make upgrades to the property.
If you are interested in making upgrades to your home, start with a budget and then consider what upgrades are most needed. Some will be structural and some can impact your day-to-day use of the property. Consider all options in financing, getting discounts, credits and more with each option.