When it comes to remodeling a property in the age of the “millennial” generation, there are some new considerations that should be taken into account. For example, the house flip. Certainly this has been going on for a long time, but for millennials, this is likely to constitute a much larger portion of homeowners than it may have among previous generations. Buying a home to sell it for profit has always been a real estate strategy, but it does seem to be more common today.
With that in mind, a year’s work on a flip project can provide a year’s wages or more. The same kind of value can be found in refurbishing a permanent residence, provided proper care and strategy are factored into the equation. For starters, let’s look at sustainable energy options.
Solar Saving And IoT
In many states today, using solar energy or something else sustainable will net you a tax credit, decrease your energy expenses, and increase the value of your property. Property value increase will be between $10k and $20k. The cost of a system requisite to render that level of value will be about $5k—that’ll get you a 3.5 kWh system, provided you install it yourself; something not as complicated as you may expect.
Basically, you plug in the panels, then send them through a surge controller, and from there to an energy sink. “Energy sink” here is a fancy term for battery, or a battery array. There are copious online tutorials you can find via YouTube for free. Still, you may even be able to acquire installation from the right professionals for a cost that’s under $5k total.
If you can do that, at minimum you’ve doubled your investment, and that before the associated tax break and energy saving. Effecting DIY solutions in terms of remodel makes a lot of sense. You may be surprised that many things which seem complicated can actually be done on your property in a relatively straightforward way. Building a deck, for example. Or repainting the interior of the home—or even the exterior.
You can buy new windows, remodel the kitchen, finish the basement, retile the roof, landscape the front and back lawns, and likely do a total refurbishment and upgrade for around $20k, depending on the scope of your upgrade and the property. The key is seeing ROI, or Return On Investment.
One final consideration especially applicable to millennials: the Internet of Things. It isn’t that hard to turn a property into one of the “smart” variety. All you need is IoT application. Garages, thermostats, refrigerators, freezers, HVAC, interior lighting, exterior lighting, home security, and more can all be facilitated via modern IoT. These systems can also bring substantial value, at an installation cost that’s comparatively minor.
The Bigger Picture
If you can increase property value $60k with $20k in spending, that’s a pretty good year’s wages, accomplishable on your own time, and with your family. Play your cards right, and it may only be a few months of actual labor. And you can even customize.
For many modern remodels, customization is such that without it, the effort is unsatisfactory. For example, if you’re seeking a kitchen lantern, for the greatest cost-effectiveness and value, you want something that can be made to order, like the fixtures of LanternAndScroll.com, which are: “…made to order and shipped within 6 to 8 weeks.”
Sometimes part of your property value expansion will simply be refurbishment. This can be especially true if there’s been water damage. RestorationElite recognizes this, and makes the process of servicing damages: “…easy as possible. Our team is committed to amazing customer service as well as amazing results. Our process will ensure an effective and permanent solution.”
Permanency is the key term in that quote. You want to get the most out of any remodel or refurbishment spending—that is part and parcel to your total investment in the property you’re working on. But if you exercise modern options, you may be able to do that at a lowered total cost.