There are a lot of different ways to invest your money. There are stocks and bonds, 401K or retirement funds or mutual funds. Most people are looking for the best way to invest their money. As with all investments, there are risks. When you are looking for the safest bet, look to the place that you are living. Your home. The best part about your home is that you can live in the investment and the better you take care of it, the more you will profit out of your investment.
What are some of the ways you can invest in your home?
If you are looking at an investment of $5000 or so here are some of the best things to do with that money.
Kitchen – As the hub of most houses, your kitchen will be where you can get the most value out of a remodel. A complete overhaul of a kitchen can easily cost $30,000 - $50,000 depending on the size of the kitchen. While $5000 won’t give you a complete kitchen, you can fix a significant part of it. You could get some new appliances, fix the cabinets, or upgrade the lighting fixtures.
Speaking of the lighting in the kitchen, you can upgrade them all around the house, or even outside lighting. Not only will lights increase the visibility and value to potential buyers, but they can also keep your house safer. Thefts happen less often when there is light in the home. Dimmer switches can also help you save money on the lighting of your house, by allowing you only to use the amount of light you need.
First impressions matter, especially when it comes to landscaping your house. Landscaping will be the first impression for people when they visit your home, so invest in your lawn and greenery. With $5000 you can get some new trees and plants, upgrade your pathway, or even add a retaining wall that will allow you to build a beautiful garden.
If you can invest $10,000, here are some recommended items.
While the kitchen is probably the room that adds the most value to a home, a bathroom is next. With $10,000 you can do a pretty good overhaul of a bathroom. That would include replacing sinks, toilet, bathtub and upgrading a lot of the fixtures.
Maintaining essential systems
It always seems like your air conditioner goes out in the middle of the hottest days of summer. Then you are left with an emergency where you have to come up with the cash to replace it immediately. With a little planning, the $10,000 can go for an air conditioner maintenance or replacement when you have the cash on hand. Other things to consider might be the roof, especially if your roof is close to the 20-year mark.
Giving your home an upgrade on the outside can help you build a great first impression, which is how to draw in people to a viewing or open house. Even if you aren’t selling your home, it will be more welcoming to family and friends when they visit. Consider upgrading the exterior to siding that will be easier to care for, or get all your bad boards replaced and professionally painted. New windows, while they don’t necessarily add to the value of your home, can be more energy efficient and help your energy bills and add to your homes exterior aesthetic.
Many investments have a high risk/reward, but homes are different. Most of the time with a house, you get what you put into it. It is even better when you invest money you have into improving the home and making it a better place for the next owner.