There’s plenty of great advice about how to add value to your home, especially if you’re looking to make some money from those home improvements. But what if you don’t plan to sell your home but want to save money? If that applies to you, there are some home improvements that could save you a lot of money over time. Here are the nine best home investments, whether you sell or not!
Would you be surprised to know that the project that adds the most value to a home is building an inground pool? Yep! It used to be that a pool almost detracted from the price of a home. But, today many home buyers have shown an increased interest in pools. A pool can increase your home’s value by $22,000 (or more!).
What home improvements are good investments?
Besides building a pool, there are other high-value home improvements that are good investments too. However, these improvements are more costly, especially if you hire contractors.
The top home improvements for many homeowners (and future homeowners) are:
- Finishing an unfinished basement
- Adding an extra bedroom (especially if your home only has 2-3 bedrooms)
- Adding an extra bathroom (especially if your home only has 1 bathroom)
- An updated kitchen
- Updated bathrooms
- Wood/Laminate floors instead of carpet
While there are many other things you can do to add value to your home, the above projects usually add the most value.
How can I add value to my house in 2022?
Don’t have the budget to add a new bathroom or fully finish your basement? That’s okay! There are other ways to add value to your house in 2022.
We list many of them below, but others include…
- updating light fixtures,
- painting rooms more neutral colors,
- getting your home deep cleaned by a professional,
- and changing out door, drawer, and cabinet handles.
It does! But it may not be by much (depending on where you live and the market at the time).
If your home is painted a gaudy purple, painting it a nice light grey will most likely increase its value by quite a bit.
But usually, painting your home only increases its value by a thousand or two dollars.
The Best Home Investments You Can Make Right Now
Besides finishing your basement or building a new room, here are some of the best home investments you can make this year.
1) A Programmable Thermostat
This is just one of several “smart home” improvements that can pay for themselves fairly quickly.
A reliable programmable thermostat could save you up to $140 a year on heating and cooling costs — and you may even get a rebate from your power company for installing one.
You could go for something fancy like the Nest or something simpler and less sophisticated.
Related: Ways to Lower Your Utility Bills
2) Overhaul The Roof
Another way to save on your heating and cooling bills is to add more insulation to your attic. Whether you go DIY or hire a professional, this upgrade could save you hundreds more on energy costs every year.
Another step you could take, especially if the time has come and it needs to be done, is to replace your roof. Granted, no homeowner enjoys hearing these words. But here’s the thing — not only can more energy-efficient roofing save even more on your energy bills, but you could save as much as 20% on your homeowner’s insurance.
Because modern roofing materials do a lot more to resist the effects of the weather.
Continuing with the theme of saving on your energy bills…
The ducts that move air around your home, either for heating or cooling, may very well be leaking, letting up to 30% of that air escape before it does any good. Sealing up your ducts can reduce or eliminate that loss and save you even more money.
4) Install Hardwood Floors
Granted, this is something of an aesthetic choice, but from a financial standpoint, it’s as simple as this…
Hardwood floors last much longer than carpet, especially if you take care of them.
5) Invest In A Tankless Water Heater
Every homeowner’s water heater will go out sooner or later — it’s just a matter of time. If yours has met its end, consider switching to a tankless water heating system.
They will cost you a bit more than just getting another conventional water heater, but they last as long as 20 years or more and are one-third more efficient for small families. This is another case where you could pay extra now and get it back many times later.
A leak detector device can warn you of problems with your water system before they become a major issue. Anyone who’s ever had to deal with water damage can tell you how much of a pain (and expense!) they can be to deal with. Some newer models even use smart technology to send an alert to your phone.
7) Have Smart Switches
Another small investment that can pay big dividends is installing smart switches.
You can buy these switches for cheap and remotely control overhead fans, lights, portable heaters, or anything else.
This is beneficial if you’re always forgetting to turn things off. There are also programmable variants that can turn themselves on and off according to a schedule if you like (or if you’re the really forgetful type).
8) Invest In A Low-Flow Shower Head
This one might be tempting to just gloss over, as the idea of a low-flow shower doesn’t sound as nice as the luxurious feel of a more traditional shower. However, today’s models are much better at giving you the “full shower experience” while saving you $70 a year or more on your water bills. It’s worth thinking about!
Speaking of water solutions… If you’re still buying bottled water to drink at home, there are lots of great reasons not to.
One of the excellent reasons is that you could save a lot of money by installing a water filter in your house and enjoying a tall cool glass of water rather than pitch another plastic bottle into the garbage.
This is one of the biggest investments on this list, if not the biggest. But installing some security devices — whether it’s a doorbell camera or a full-on smart home security suite — could not only save you the costly ordeal of replacing stolen belongings, but it’s another way you can get a big discount on your home insurance rates.
Insurers love smart security systems, and for good reason. They drastically reduce the risk of burglary and other things that incur expensive insurance claims. Talk to your provider about home security discounts (or shop around for a new one).
The 9 Best Home Investments: The Bottom Line
While many of these investments may seem costly initially, they can save you significantly in the long run. And if you ever decide to sell your home, many of these investments could add thousands to the value of your home.
So what are you waiting for? Go ahead and get started!
AUTHOR Kimberly Studdard
Kim Studdard is a project manager for online entrepreneurs and small businesses. When she isn't spending time with her daughter and husband, or reading her growing pile of horror books, you'll find her working on her HR degree and working towards FIRE.