Have you been considering a remodel but worried about the expense? Check out How Home Renovations Save You Money to learn a bit about how it can be a great way to save money while doing something you want for your home. An update to your home doesn’t have to be a way to sink money. It can bring about long term savings.
How Home Renovations Save You Money
Home renovations are typically a large undertaking that feels like it drains your bank way too fast. The truth is, they can be some of the best ways for your family to save money long term. Below I will share some of my top reasons that home renovations are a good choice. You may also like to check out our blog post 7 Quick and Easy Ways to Save More Money will help you to find even more flexibility in your budget for those proposed renovations.
Being energy efficient saves money on utilities
Common home renovations include things like updated bathrooms, updated appliances, or new roofing. In these cases, you will find a vast improvement in your utility costs when you upgrade to more energy efficient options. An upgrade in insulation will help your home to heat and cool more efficiently thus lowering month to month costs. When you upgrade a kitchen or bathroom with modern faucets, toilets, showers, and sinks, you can lower the amount of wasted water easily. These little changes may cost something up front, but the long term efficiency will save money.
A well laid out home saves you money
This one may not make sense right away, but I promise it really is one of the things you should consider in home renovations. When your home is laid out well for your needs, it can save you money. How often have you lost and replaced something only to find it months down the road in a place you never thought to look? Things like this can cost you money, and often add up more than you realize.
When you have the proper storage, closets, and space in your home, everything has a place. When there is a place for everything, it is much easier for you to always stay on top of things and rarely lose money on replacements. Another benefit is the savings of heating and cooling your home appropriately without wasted space being heated for no reason.
Updates will bring higher equity
The biggest benefit of home renovations comes in long term equity in your home. While this doesn’t save you money immediately, it will should you decide to sell later down the road. Clean modern appliances, utilities, and insulation can help make it easier to list your home for sale and make that sale happen quickly.
Higher equity in your home also equates to a bigger down payment on a future home purchase. This can often become a way to lower interest rates on mortgages if you go that direction. Lower interest rates can definitely save you a lot of money over the life of a mortgage.
Home Renovations Budget Tips
While saving money is the ultimate concern here, we do realize that home renovations are typically not going to be low-cost. Some of the best tips for home renovations budgeting come with realizing what is most important.
- Don’t finance home renovations unless emergency needs (unsafe living conditions if not updated immediately)
- Hire contractors only for things you cannot safely complete on your own
- Do research for DIY options for anything needed before you bring in contractors for estimates. Know the worth of their service so you don’t get price gouged.
- Compare warranties and cost per unit on all supplies. Roofing materials come in a multitude of different qualities. You want to invest in a product that will last longer in this case, so more expensive may be worth your money.
- Do not take shortcuts on major improvements. Use the correct wiring, plumbing fixtures, and supplies. Repairs later are not cost effective.
More Ways to Save
Below you’ll find more ways to save and improve your budget on everyday expenses!
- List of Companies to Contact for Free Coupons
- 30 Super Easy Ways to Save Money Every Day
- 3 Ways to Save Money Printing Coupons
- Creative Ways to Save Money to Buy a Home