Some sellers may balk at the idea of renovating their homes before selling it, thinking that it may cost them a great deal of money without providing enough return during the resale. However, making some upgrades is common when selling a home, and there are several types of improvements owners can make that won’t dent their wallets.
Many buyers pay close attention to the type of features and fixtures in a home, and often opt for properties with newer and more energy-efficient products. These types of features can keep energy bills low and help owners manage their new homeowner costs. In addition, existing owners who purchase these types of materials may save money on their own energy bills during the selling process and earn tax benefits after the purchase.
Put in a new furnace
Home heating costs can be imposing, and replacing old or damaged furnaces can be pricy. However, new, energy-efficient furnaces are becoming increasingly popular and more affordable, according to Fox Business. Energy Star furnaces add 16 percent more efficiency than traditional furnaces and can save owners up to $96 per year in costs, the news source explains.
New furnaces can cost homeowners between $5,000 and $8,000, Fox Business explains. However, additional savings can be found by shopping around and getting quotes from different providers. Further, many may offer discounts for military service and other scenarios to help ease some of the costs. While upgrading to a new efficient furnace is unlikely to add more value to the home itself, it may appeal to more buyers who are interested in keeping bills low. Many buyers may request that an older furnace be replaced anyway before agreeing to a home sale, so purchasing a new one before putting the home on the market can make the selling process go more quickly.
Energy-efficient window replacements can also make a difference in attracting buyers and lowering utility bills. Windows are the first place many homeowners and energy auditors examine for leaks and cracks that can lead to higher energy bills. Replacing windows can run into the thousands, depending on the type and number of windows in the home.
Consumers who are updating their kitchens should also consider buying a new energy-efficient refrigerator, which can lead to a savings of hundreds of dollars over the life of the product. In addition, newer refrigerators can make a kitchen look more modern during home showings, which may help individuals sell their homes more quickly.