Large renovation projects and fancy upgrades can be a pricy investment, but some projects might be worth shelling out the extra cash for. The following home projects can eventually save you money later on down the road:
Many people consider the kitchen to be the heart of the home, and if your kitchen is extremely outdated, this can hurt your resale value. Going all out might be unnecessary, especially if it doesn’t match the look of the rest of your home, but some minor upgrades can help tremendously when it’s time to put your home on the market. At the very least, start with the appliances, which can help you save money while you’re still living in your home. If you have older appliances, upgrading to energy efficient appliances can help to lower your monthly utility bills.
If your roof needs to be replaced, investing in a high quality roof can not only help improve the appearance of your home, but it will last longer and pay off it in the end. Maintaining your roof is also imperative, as this will help prevent expensive repairs and replacements later on.
If you live in an older home that is not properly insulated, this might be one of the best investments you can make. A well-insulated home can help to lower your cooling costs in the summer and cut down on heating expenses during the winter. An energy audit can help you determine which area(s) of your home need more attention, such as air ducts, windows, walls, or doors.
Adding a bathroom
If your home has two or more bedrooms, but only one bathroom, consider adding another. If you eventually decide to sell your home, even just an additional half-bathroom can help you to sell your home for more money. There are different ways you can try to squeeze in an extra bathroom. If you don’t have any unused rooms you can convert into a bathroom, consider using a large closet or even a roomy area under your staircase. The cost can vary widely depending on how large of a bathroom you add and what types of materials and accessories you plan to use, but HGTV estimates that those adding a bathroom to their home can recoup anywhere from 80 to 130 percent of what they spend.
Do you have an expensive home renovation project that you’d like to take on, but you need extra cash to make it happen? Peachtree Financial Solutions may be able to help. If you’re receiving long-term payments from an annuity or structured settlement, we can purchase some or all of your future payments and provide you with a lump sum of money. Contact us today to learn more about receiving more of your cash upfront in one lump sum payout.
Nothing above is meant to provide financial or tax advice. You should meet with appropriate professionals for such services.