My clients agreed to this idea and built a gorgeous, 2-tiered deck, which ended up costing around $100,000. The deck turned out so well, that they sold the house for $875,000 because their buyers absolutely loved the idea of watching the sunset behind the mountain and seeing it all happen from a beautiful, comfortable new deck.
Most home updates, however, will take some time to bring your money back. Some of the most cost-effective home improvements are energy-efficient investments. These changes bring your money back by lowering your monthly heating, gas, electricity and water costs. From cheap insulation kits to major projects, there is a wide range of services and devices for you to try, meaning that your initial costs don’t need to be expensive, and you can still get a great deal of your money back.
These types of home upgrades can even be seen as short-term investments. There are many testimonials from families that purchased energy-saving devices, such as smart thermostats, low-flow faucets or LED bulbs, and have seen their utility bills decrease by around 50% in the following months.
Home improvements can bring your money back in less obvious ways as well. The more upgraded your home is, the higher your property value tends to be. In other words, your house will be worth much more if you let buyers know about the investments you’ve made to make it more comfortable and affordable. When it comes to energy efficiency, for example, you could increase your property value around 20% for having an efficient property.
On the other hand, you can reduce your property value if you insist on selling an energy-inefficient home. According to a recent survey in the United Kingdom, most homebuyers would try to renegotiate the price of a home if they found out it was an inefficient home. Some of them would even give up on the purchase, as they know inefficient homes waste plenty of money on issues that could be avoided.
These three have value retention in common, as they add perceived value to the home with an aesthetic upgrade. They also boost the enjoyment and functionality of everyday activities around the home.
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