Spend Money, Make Money. There’s an old saying in business circles that applies to home renovation. If you want to make money, you’ve got to spend money.
But how you spend it will determine the level of profit you’re able to experience. If you spend your resources unwisely, you’ll likely not see a great return. But if you’re savvy, you can see property value expansion overcome renovation cost.
Following, several cost-effective renovation solutions will be briefly explored to help you get an idea of the best tactics here.
Some cost-savings only transpire once a property has been sold, some save you money in your day-to-day. Regardless, the following options are worth considering if you’re in a place where you expect to renovate soon.
1) Sustainable Options, Tax Breaks, Cost Deferral
In California, a property value on a 5kWh solar energy array will be $29k+. Now that’s fifty solar panels at 100 Watts a piece, they’re going to cost you around $100 per panel, and there will be about $25 of cables/power converters/batteries to deal with. Altogether, averaging $125 per panel should give you an idea of the total cost, including the energy sink.
If you install yourself, you’re looking at an investment of $6,250 for a payout of $22,750—a worthy investment; you see your money back at least three times over.
Cut that “profit” in half if you have the job done by professional installers. Additionally, places like California are going to give you a tax-break, you’ll be grid independent, and you’ll reduce utility costs.
If your utility bill were $100 a month, you stand to save $12k over ten years from solar tech. Solar panel lifespans are approximately 10 years. Any way you slice it, there’s high potential you’ll make money with this move. You cut utility costs, expand property value, and get a tax credit. Additionally, you might look into wind and water energy.
If you’re in a windy place near a fast-running stream or waterfall, another $10k can get you both wind and water energy, making your property grid-independent three ways, so you’ve always got energy regardless of the sun, and can yet default to the grid if you must. All of these things can be done without spending resources once the investments have matured.
2) Plan It all Out And Consult Professionals
Any renovation or remodel should be planned out well in advance. Don’t just look at a wall, grab a hammer, knock it down, and see where your proclivities take you; not unless you don’t plan to save money.
Working with professionals will help you identify and avoid common pitfalls. Plan things out, get advice, and proceed in an informed way.
3) Consider RTA Cabinetry
Ready-To-Assemble, or RTA, cabinetry can conform to a space and save you some money at the same time. Check out this website for some of the best online cabinets available.
RTA options are great for kitchen and bathroom renovations, and can provide stylish storage solutions for any room in the house where they’re applicable.
4) Intuitive Renovation: Wallpaper, Carpet, Etc.
You don’t have to renovate by totally restructuring a property in terms of architecture. You can take a milder approach if you like. For example, you might pull up the carpets, clean up what’s under them, and put down rugs instead.
Or, you might replace them with either tile or wood; either of which represents a better flooring option in terms of longevity—but that’s one of those investments which matures in time. Additionally, paint rooms, add new wallpaper, or perhaps get some tapestries which can be stylishly used to give a space heart.
5) DIY Projects: Decks, Landscaping, And Others
Varying DIY projects can save you money. You might install a DIY deck off the back door; do it right, and you’ll see thousands of dollars in property value expansion.
Landscaping is another remodeling effort you can do yourself which can be fairly cost-effective and produce considerable benefit. Weigh your options and figure out what DIY projects you can handle.
More Cost-Effective Renovation
Several cost-effective renovation tactics include measures which embrace the DIY approach, are intuitive, built from seasoned advice, incorporate new furniture conventions such as RTA cabinets, proceed from seasoned input attained through consulting professionals, and court technology solutions like sustainable energy. Such renovation approaches can increase property value while saving you money.