Smart Ways To Invest in Your Home
For many homeowners, understanding the best ways to invest in their home without losing money can be difficult. There are a lot of home improvement projects out there, and they’re not all created equally when it comes to how they’ll affect your home’s value and your day-to-day life. When planning a home renovation, it’s essential that you balance your return on investment with the quality of life you expect to have at home. Still, even with all that in mind, you may not know where to get started. If you’re considering doing some work on your property in the near future, read on to learn more about some of the smart ways you can invest in your home.
What are the best quality of life upgrades for my home?
Nothing is more important than being comfortable and happy in your home, and the best upgrades are the ones that enhance those feelings. What comfort means in the context of home improvement depends on your living situation, the size of your household, and what type of budget you’re working with. It can include anything from upgrading to a queen size mattress to installing a new HVAC system.
You don’t have to overhaul everything to make changes that enhance your home. You would be surprised how much some small aesthetic changes, a new box spring, and a memory foam mattress can do to change your experience in your bedroom. While furniture upgrades like mattresses, couches, and chairs aren’t changes that will affect your home’s equity, as you’ll likely move them along with you if you choose to sell, they can make a big difference in your day-to-day life and shouldn’t be neglected as a part of any home improvement plan.
Happiness at home often has a lot to do with our ability to engage in recreational activities there. Especially in the aftermath of COVID-19, people will most likely continue to spend more time at home. For that reason, upgrades that have both aesthetic and entertainment value, like swimming pools, are a great idea for any family renovating their home. Outdoor kitchens are becoming more and more popular with families too, and they make a great addition to any finished backyard space.
When looking for a contractor to handle your backyard construction needs, look for a business that’s well-reviewed locally, like these pool builders in Tampa. If you have neighbors with landscaping or exterior construction that you admire, take a few minutes to ask where they had it done. While upgrades like a swimming pool do require an investment, depending on the size and type of pool you’re interested in, you might be surprised at what you can fit into your budget.
What return on investment can I expect from my upgrades?
While you don’t need to plan your entire home renovation around the return on investment you can expect, it’s important as a homeowner to understand the impact that every project will have on your home’s value. The good news is that the two things that most homeowners prioritize, comfort and entertainment, are also things that potential buyers find valuable. While large-scale kitchen remodels are popular, they often tend to be money pits and don’t provide much value for what they cost. Landscaping and exterior upgrades, on the other hand, remain one of the best home improvement projects for those looking for a positive return on their investment.
When talking about comfort-based improvements like temperature regulation via a smart HVAC system, the potential for a positive return is there, too. Eco-friendly technology is becoming more popular and desirable to prospective buyers, and being able to save on utility bills because of an energy-efficient heating and cooling system is a nice selling point when it comes time to advertise your home. Other smart appliances and green tech additions, like solar panels, can also add significant value and interest to your property.
Ultimately, the best home investments are the ones that improve your day-to-day life while also adding to your home’s value, and there are plenty of projects you can take on that do both. Make sure to avoid projects that can become needlessly expensive and that will never provide a return on the money spent, like major kitchen remodels and bathroom renovations. As a bonus, investing in areas of your home that provide meaningful boosts to your comfort and quality of life often end up being the most appealing to prospective buyers too. As long as you balance your economic needs with the other needs you have at home, you’ll be on your way to a successful home renovation.