Whether you plan on selling your home one day or possibly renting it out to a tenant, certain home renovation projects can mean more money in your pocket. So how do you know which home renovation projects are potential money pits, and which ones are worthy investing in? Read on to learn more about home remodeling projects that are likely to increase the value of your home.
Integrating energy-efficient insulation
And here’s another recommendation for energy efficient renovations: energy-efficient insulation. If your home has old doors that let in excessive hot or cold air, the value of your home will go down because new owners will have to eat the extra costs. Not only is energy-efficient insulation installation a relatively cheap endeavor, it can save you approximately $2,500 yearly.
You can usually find leaks, cracks and parts of the home that need extra insulation, in these areas:
- In recessed lighting
- In the basement
- Around windows and doors
- Near electrical sockets and light switches
- Near the attic hatch
- Anywhere ducts or wires go outside the house
Furthermore, if your hot water heater needs replacing, you may want to consider replacing it with a high-efficiency water heater, which can lower your water heating bills by as much as 14 percent.
By concentrating on larger home remodeling tasks, it could be easy to overlook the simple things. But small, basic updates can make the biggest difference. A home with fresh and new paint, both inside and out, can instantaneously increase the home’s value. Be sure to also repair any roof leaks, replace any rotting wood, or remove any mold.
If you need cash now to remodel your home, but don’t know where to turn, Peachtree Financial Solutions can help if you’re receiving structured settlement annuity payments. Because the money you’re receiving from a payment stream comes in on a periodic basis, it often takes a very long time to save this money and use it for something that you really want to use it for, such as home remodeling projects. Peachtree Financial Solutions can help you get cash now by purchasing some or all of your future payments. You will be free to use your cash from the sale of your future payments for large purchases or for paying off debt and bills. You can also use your cash now for home remodeling projects. Contact us today!
Nothing above is meant to provide financial or tax advice. You should meet with appropriate professionals for such services.