Where you spend your money on your renovation projects for your home matters. Some renovations pay you back. Choosing renovations that can save you money now and in the future is a smart investment. Here are five home renovations that will help you to save money.
1. A New Roof
If your roof is 20 years old or older, investing in a new roof will save you money. A new roof will improve your home’s energy efficiency and provide better protection. Improving energy efficiency will save you money on your energy bills as well. Ensuring your roof system is protecting your home can reduce risks and costs associated with water damage. According to Angie, a new roof offers the highest return on investment. You can recoup up to 107% of your cost when you sell your home. A new roof is a good investment to help you save money and have peace of mind.
2. New Windows
According to the Department of Energy, windows account for up to 30% of energy losses. New windows can help you to save money on your energy bill. Energy savings is only one of the reasons that homeowners decide that new windows are a worthy investment. New windows also add value to your home. Some estimates say you can get up to a 25% return on your window investment. Of course, new windows also improve your home’s aesthetic and curb appeal. They can keep your home quieter with noise-canceling properties and are very easy to maintain.
3. Upgraded Lighting
Lighting is another home renovation that will save you money over the time you live in your home. Today’s LED lighting fixtures are available in a wide range of styles. LED lighting options can reduce energy consumption by more than 50%. The bulbs last longer, which means you will pay less to maintain this type of lighting over time. Energy-conscious homeowners upgrade their lighting to save money on usage. If you have not looked lately at LED lighting options, you may want to take a look. LED lighting has come a long way in recent years.
4. Solar Panels
According to the Department of Energy, solar energy has ranked first or second every year since 2013 for capacity. Solar energy has become very reliable. Investing in renovations that add solar energy options to your home is a great way to save money in the future. In some cases, solar power can not only save money, but it can add to your income. If you generate the energy you are not using, you can often sell it back to the energy company. Solar energy is a sustainable form of energy that can be a game changer for your operating costs.
According to the Department of Energy, there are 1,382,569 million miles of pipelines in the United States carrying gas and petroleum products. The United States is highly dependent on fossil fuels, even as the cost is skyrocketing. You could be part of the solution by opting for solar energy for at least part of your energy needs.
5. Upgrade Your Appliances
If you are planning on a kitchen or bath renovation, don’t skimp on upgrading your appliances. Energy Star-rated appliances will save you a ton of money. Energy Star-rated water heaters, dishwashers, refrigerators, and more are all certified to use less energy. In the bathroom, install low-flow shower heads and toilets to conserve water. Upgrading your appliances and fixtures (especially if your appliances and fixtures are 15 years or older) will make an immediate difference in how much money you spend on running your household.
On-demand water heaters and other appliances that are designed to cost less to run should be a part of your kitchen and bath renovation. It may cost a little more upfront, but you can recoup your costs fast.
Home renovations are a great way to add value to your home. If the renovation can add value and help you to save money, all the better. Learn more money-saving tips today.
