How home renovations can increase your home's value
Why did the house down the street sell for more than yours? It’s the same vintage, similar design and property size, probably the same condition as yours… why do some homes – regardless of comparable location, age, design etc. – command higher prices?
Well, the difference likely is due to recent renovation. Regardless of the economy and market conditions, homes that have been renovated within five years of the date of sale command higher prices than homes in the area that lack similar updates.
There are numerous home renovations that can increase a home’s overall value, including both real cash value and personal value derived from enjoyment of the finished product, however kitchens, bathrooms, and basement renos result in your best return on investment.
A recent article by Robert Bell spells out some interesting points (link below):
“It’s no secret that kitchens and bathrooms can make or break a sale. An outdated kitchen or bathroom can turn a potential buyer off just as easily as an updated kitchen or bathroom can sell a home. For a number of years, kitchen renovations topped the list of return for investment in home renovation projects. While the price of a remodel has increased and the return has fallen slightly, the kitchen is the one area of the home people focus on first. If you’re living with an outdated, ugly kitchen or one that is not functional, the cost of a renovation will be recouped by personal enjoyment alone but you can also recoup up to 80 percent of the cost if you sell your home within five to seven years.
Similarly, bathroom renovations have been in the top five of investment versus return value for years. Today’s trends lean towards the spa-style bathroom, with a preference towards separate showers and tubs, double sinks, and even seating areas. Even in homes where bathroom space is limited, there are a number of improvements that can be made to increase the functionality of the bathroom and the value of the home.
Major renovations may be out of reach for some homeowners’ budgets, especially in the current economy, but some minor renovations can also add value to a home. One of the leading minor renovations in terms of cost and return is the home’s entry door. Replacing the entry door with a mid-range replacement door helps provide curb appeal, a welcoming entrance and energy efficiency all at the same time. Another minor renovation that adds instant appeal, and thus value, is detailed trim work like chair railing, crown molding, and cornice board. Carpeting and paint are also minor renovations that add value and appeal.
As more people focus on energy efficiency, replacing major mechanical systems, such as a furnace, air conditioning system, water heater and windows, with energy efficient equivalents can also add instant value to a home. Not only will your energy bills be reduced but the resale value of the home will improve. A new roof and insulation will add to the investment.
If you’ve already focused on the inside of your home or are confident that the interior is at least moderately up-to-date and efficient, turn your focus to the outdoors. In 2008 and 2009, the term “staycation” was coined to refer to people who preferred to stay home and enjoy downtime over traveling in order to save money. With this trend came an increased demand for outdoor living space. Decks, patios, and outdoor kitchens conducive to entertaining and relaxation are improvements that are in demand. In fact, like kitchens and bathrooms, decks are in the top five of renovation returns.
Investing a large sum of money into home renovation for the sole purpose of resale should be considered carefully and you might want to consult a real estate expert in your area before you decide to invest in a major renovation project. However, if you have budgeted for a large scale project because you want to enjoy the improvement while adding potential value to your home, invest in the project that is most important to you now. It may be unrealistic to expect an increased sales price of $100,00 on a $50,000 renovation but you can expect to recoup some of the cost if you sell your home before the update becomes outdated again.”
original article: How Home Renovations Increase Home Value
by way of Paul Clifton’s Renovation blog
Absolutely gorgeous! It looks really marvelous. So glad to see that painting the laminate worked out so well for you – very inspiring!
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Solar panels convert light energy from the sun into electrical energy. Solar cells or photovoltaic cells are grouped and packaged in a committee to produce a flow of service. With the prices of alternative energy sources, rivaling that of fossil fuels, energy future is bright.Several solar cells are arranged in an array and installed on the roof or in an area that the power of a home or business address.
The solar panels come in two main forms. The shape of most people believe is the photovoltaic solar cell that converts light energy from the sun directly into electricity. This group gathers thermal energy from the sun and stores it for use in heating or electricity generation. Good News – New federal tax benefits for both photovoltaic and thermal solar panels can purchase a total reduction of 30% by the federal government. The second type is the use of solar panels.
Photovoltaic solar panels are used for more than 50 years. They were originally developed for space travel as a power source for satellites. Solar panels have been ideal for this application because they could operate in the harsh conditions of extreme heat and cold and had no moving parts. The best solar efficiency of the first models was about 8-9%. Today, solar cells have three main ways:
Prices fluctuated wildly silicon in recent years and has fallen more than 75% over the last six months. Consequently, the solar panels in house prices make solar panel installation yet fallen more attractive. monocrystalline solar cells are composed of solar cells, which are composed of a single crystal silicon is cut created.
Solar panels made of polycrystalline cells have improved their efficiency in recent years. You are now competing with profitability in mono and generally lower.
Thin-film solar cells are the latest innovation in solar panel technology. The disadvantage of thin film, is that the efficiency of the solar panel is about half of mono-and polycrystalline types. One advantage is that this material can be made to operate quickly and in large quantities, similar to newspaper printing presses. This is offset by the negative effects significantly lower for these types of plates. Competition from thin layers of solar cells may indeed be the catalyst for an industry-wide drop in sets of solar panels in the years to come.
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green products.
With a little looking, you can find all the environmental friendly products, like home wind turbines, you need to make your home into an environmental friendly house. It is easy to do your part to help the environmental friendly products , and it will give you peace of mind as well. There are many eco sites that you can find all over the internet that will provide you with information and environmental friendly products tips to make going green even easier.
Making these small changes is not difficult since there are many stores that carry green products. In most cities you will be able to find at least one store that specializes in ecologically friendly products. At one of these you will be able to find just about anything you are looking for. But even many regular stores now carry some green products such as cleaners. Reusable grocery bags are another item that have become very popular and are environmental friendly products . No matter what your reason for going more environmental friendly products is, you know it is important. But a lot of people cannot jump into being green all at once. Thankfully it is something that can be done in steps. You can start with one small change, and add other changes on as you go. Each of these changes is an improvement, and they really start adding up! Using energy efficient products and appliances can help cut down on your bills even more because they will use much less energy. Refrigerators, dishwashers, and clothes dryers can all be commonly found in energy efficient models. Since these appliances are some of the biggest energy users in a home, this can make a big difference.
There are many companies that specialize in making environmental friendly products . These let you give hip little gifts to your family and friends while you are supporting being green. This furniture is generally made from recycled, reclaimed, or sustainable materials. Recycled materials such as metal can make new furniture while promoting reuse. Reclaimed materials such as wood can be shaped into new things instead of being thrown away. Sustainable materials such as bamboo can be made into a wide variety of things, but the harvesting of it is not detrimental to the environment.
solar panels
solar systems
Solar systems
Many people do not have swimming pools or outdoor lights. A wise investment for the average American is to purchase a solar tankless water heater. Few people do not require hot water on a daily basis. It is worth noting that, water heating tends to be within the top three energy hogs of any household. Though the initial cost may be daunting, a solar tankless water heater is one of the wisest solar panels investments possible.
Solar products and their potential are receiving more and more attention as people become increasingly interested in alternative forms of energy. Of course, this isn’t the only thing that contributes to their popularity. Many people simply love keeping up with new technology. This technology in particular is known for being easy to install, use, and maintain. It is also known for its lack of follow-up energy costs.
Of course, this is more applicable to those who regularly run their outdoor lights all night long. Making the switch to solar panels outdoor lights can greatly reduce an energy bill. They are also very eco-friendly since nonrenewable resources are not being used up and no harmful emissions are being released.
It is not necessary to purchase a large amount of solar products in order to reap benefits for the home. Many single solar panels items can make a difference on an energy bill and lessen personal impact on the planet. A wise exchange is to replace basic on-grid outdoor lights with solar powered outdoor lights.
Solar products range from the slightly silly to the downright amazing. They make excellent gifts. For a fun and almost silly gift, consider giving a solar panels visor radio. For a bit more money, a portable solar panels for recharging laptop batteries and other batteries is perfect for a businessman on the go. Of course, many people would enjoy treating themselves to such a practical item. Sunlight is free, but harnessing that radiant heat energy and converting it into usable solar power costs a pretty penny. Materials handling and manufacturing, production efficiency and installation all drive up the price of photovoltaic solar array systems, those sun-catching panels installed on roofs. Once in place, the amount of sunlight and array performance will determine how much of a return on investment solar power systems generate.
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tankless water heater
Solar panels
I wanted to build my own solar panels for the following reasons, and still do today:
1) Go Green. There is so much talk about the environment these days and reducing my carbon footprint is something that has been on my mind for a long time. Buildings generate more than half of all the carbon we emit so building my own solar panels to generate electricity seemed like the right thing to do.
2) Save Money. Why buy an expensive solar system when you can easily and cheaply build your own? The guide I found explains the process how to build your own solar panel step by step. It is not complicated and you will save a lot of money by using cheap and even free materials. This is of course only half of the equation as you will also save money by stopping to pay your electricity supplier!
3) Save Energy. Having my own solar panels allows me to power our house independently of our electricity supplier, saving me thousands of dollars each year. Energy from the sun is free all year around and why would you want to pay a company when all the energy you will ever need is available free from the sun?
4) It’s Easy! This is something I was sceptical bout at first. I though building a homemade solar cell would be complicated but I found out that it is not. With the right instructions you can easily make your own solar panel in a matter of hours.
5) I Enjoy It! Yes, last but not least I like DIY (although admittedly I am not THAT good at it) and enjoy creating something with my own hands. Building my own solar cells was a great way to spend a few hours in the evening and build something you can benefit from for years.
Hopefully this gave you some insight why I stared building my homemade solar cells.
Like always when you are looking for useful information online, you first have to navigate your way around all the pages that pretend they know how to build DIY solar cells until you find the one that actually explains it in enough detail and without all the technical talk. For me it was important to find a guide that explains how to make your own solar cells with clear step by step instructions and illustrations. I am not the most talented person when it comes to DIY but even I could understand how to build a solar panel by just following the instructions and illustrations.Well, this is exactly what I thought as well…at first. But once I started researching the idea of how to make my own solar cells I started to realise that the idea is not too crazy after all. In the beginning, I spent a good amount of time on the internet and found a couple of sites that outline how to make your own solar panels. Usually, these sites were very amateurish and I almost gave up on the idea of creating my own electricity.
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I recently moved into a new house and got the entire house remodeled. I love my new place, We got a new sunroom, deck and a great fireplace
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I used to own a tank water heater but have since changed to a tankless and I have saved heaps of money.
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Wonderful to read!
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I think this is a great post. One thing that I find the most helpful is number five. Sometimes when I write, I just let the flow of the words and information come out so much that I loose the purpose. It’s only after editing when I realize what I’ve done. There’s defiantly a lot of great tips here I’m going to try to be more aware of.
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Thanks for your help!
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Very interesting read; I assume renovations add value but it’s nice to see it in black and white!
nice post. thanks.