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In the face of financial crises, you may be more careful with your spending and feel reluctant to invest in your home. However, renovations and regular maintenance add value to your property and improve your quality of life, making them worthwhile investments.
Financing Renovations
If you’re planning to move forward with home improvements and repairs during a crisis but are concerned about the cost, know that there are still ways you can finance your projects. For instance, you could tap into your personal savings if you have enough set-aside. Or, you could use your home equity to consolidate debt and access additional cash during a time of need with a home equity loan.
If you’re interested in completing smaller-scale projects and know you’ll be able to pay back your debts quickly, you could also apply for a home improvement store credit card to alleviate the initial cost of renovations. It’s best not to take on additional debt during financial crises, but if you’re sure you will be able to pay it off promptly, a credit card may help you reap rewards and cost-savings.
Of course, you may still want to limit your spending during uncertain times. If this is the case, here are eight simple and affordable home improvement projects you could complete:
Swap Out Bulbs
Swapping out your light bulbs is an easy and effective way to save on utilities and reduce your negative impact on the environment. Replacing just one standard incandescent bulb with an LED one could reduce energy consumption by as much as 90% and save you up to $55 on utilities over its lifespan.
Remember, these savings are based solely on a single bulb. By replacing all of the bulbs in your home, you could reduce your utility budget by hundreds of dollars each year, keeping cash in your pocket when you need it most.
Add an Accent Wall
Painting an accent wall can add dimension to a room, make it appear larger, or create a focal point. While it won’t necessarily save you money in the long-run, it can add value to your property and improve your home’s aesthetic. Painting supplies are also relatively inexpensive, making this a cost-effective project.
If you’d rather not paint, you could also use wallpaper, wood, tile, or stone, to create an accent wall that suits your style. Depending on your budget and lifestyle, you can customize this project to your liking.
Restore Cabinets
Adding a fresh coat of paint or installing new pulls to your cabinets are a couple of budget-friendly ways to give your kitchen a face-lift. This may seem like a daunting process, but it can save you a lot of time and money. Plus, it can increase the overall value of your home should you wish to sell it in the future.
There are many benefits of restoring rather than replacing your cabinets. For instance, you’ll incur lower costs (about 2/3 of the replacement cost), and the project would likely only take a few days to complete, as opposed to several weeks or even months.
Upgrade Your Insulation
A poorly insulated home can add hundreds to your monthly utility bill. By upgrading your home’s insulation, you could improve the comfort of your home and save money. Consider sealing your attic, placing draft guards under your front door, and adding thick curtains to your windows.
Improved insulation can help you reduce energy costs, prevent condensation and moisture damage, and enhance the overall livability of your home.
Boost Curb Appeal
Improving your home’s exterior is a great way to boost its appearance. You can do this by focusing on landscaping. To add style and personality to your home, consider planting flowers or trees, adding window boxes, installing landscape lighting, or repainting your front door.
Homes with great curb appeal also tend to attract more buyers to the property and yield higher ROIs when it comes time to sell. So, if you’re looking to move, consider investing in affordable exterior projects.
Install a New Thermostat
A programmable thermostat would give you the power to regulate the climate of your house. Smart thermostats are convenient, more energy-efficient than their manual counterparts, and can save you anywhere between 10% and 30% on heating and cooling.
The upfront cost of installing a programmable thermostat is relatively low, which means you could recoup most, if not all, of its initial cost within the first year of use.
Update Your Bathroom
Bathroom remodeling can be relatively inexpensive depending on what you’d like to update. For instance, if you want to spend under $1,000, you could focus on cosmetic upgrades, such as installing sink and light fixtures, re-caulking the bathtub, or repainting the walls.
Simply refreshing your bathroom can add value to your home and enhance quality of life. To maximize your investment, try to focus on projects that are centered around functionality, storage, and comfort.
Rearrange and Declutter
A cluttered home can become a source of stress and anxiety, and can make for an unpleasant or even unsafe living environment. Cleaning out the clutter is an inexpensive (typically free) way to restore order in your home and enhance comfort.
If you find any items that you no longer need, consider selling or donating them to clear up space around your home. Then, try rearranging your furniture to give your room a new, open look and walking pattern. Rest assured, you are still able to move forward renovations amid a crisis. These affordable projects are sensible investments as they can boost your property value, improve quality of life, and even help you save hundreds of dollars month over month.
