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4 Unique Ways Customers Can Save Money on Home Investments

4 Unique Ways Customers Can Save Money on Home Investments

Mortgage rates remain stubbornly high in the United States. This additional burden makes it important for homeowners to be strategic about how they plan their finances as they care for their properties.

Along with basic maintenance, they should consider home improvement projects that are affordable, accessible, and genuinely add value to their homes. There are obvious ways to do this, such as updating paint colors or installing trendy flooring. 

What other options do consumers have to improve their living spaces in smart ways that are low cost or save money? Here are four unique home investment ideas that are affordable and maximize savings for those with tight budgets and homes they want to improve.

1. Take Advantage of No-Interest and Leasing Programs

For a home investment to pay off, financially speaking, it can’t come with an excessive amount of interest and fees. The traditional way around this is to shoulder the up-front cost of an improvement project. However, there are a growing number of programs that allow homeowners to avoid these additional costs without needing to pay an enormous initial investment.

No-interest programs allow homeowners to spread out purchases over a number of months without accumulating additional interest. Leasing programs take a different approach by avoiding the need to purchase certain equipment in the first place.

PosiGen is a good example of this concept in action. The solar leasing company conducts audits to ensure solar energy will lower a home’s monthly energy bills. If a homeowner qualifies, the company leases solar panels at no up-front charge and maintains them for the life of the lease. In exchange, they receive a monthly fee. This allows homeowners to reduce their overall utility bills without paying for a solar power system themselves.

Whether it’s through spreading out payments or leasing equipment, avoiding up-front costs is an effective way to keep home investment expenses low.

2. Invest in a Niche Rental Space

Airbnb has been popular for years now. However, it requires a certain kind of homeowner to maintain a rental of this kind. 

Nevertheless, homeowners looking to invest in their properties can use different rental methods to offset home improvement costs. As online innovation continues to expand, it has generated a growing number of ways to capitalize on extra space in a person’s home.

Property developer and director at Citify, Joel Wilkinson, lists several ways homeowners can monetize space in their homes, including:

  • Art studio rentals.
  • Niche storage facilities.
  • Film location rentals.
  • Co-working spaces.
  • Parking lot investments.

There are countless ways to turn a renovated space into a money-making element of a home. This can offset some of the costs and make the investment easier.

3. Look for Smart Upgrades

Energy efficiency and smart tech have been trumpeted as ways to reduce home ownership costs for years now. For example, smart thermostats are a popular way to reduce utility costs and remain comfortable.

Both the efficiency and technology angles can apply to many other more unique forms of home improvement, as well. For example:

  • Smart lighting is a great way to pre-program home lighting and reduce overall electricity usage. 
  • Low-flow water fixtures are an effective way to maintain water pressure while reducing water bills.
  • High-efficiency appliances help a home run at maximum efficiency.

Even something like investing in a smart home security system can have hidden cost-saving value. SimpliSafe highlights several insurance companies that offer discounts based on the presence of a security system.

Homeowners shouldn’t limit their use of energy-efficient or smart tech solutions to traditional home improvement options. They should look for any effective way to integrate it into a living space.

4. Make Off-Season Investments

Even when an investment is a necessity, it’s still possible to be thoughtful and to save money on the home improvement process. HVAC systems are a good example of this. If a home has central air but a furnace or AC unit is old, broken, or inefficient, it can pay off to time the replacement and installation purchase for the off-season.

HVAC enterprise Comfort Monster points out that the best time of year to replace an HVAC system is either the spring or early fall. These are points when business tends to drag due to the more palatable weather. As a result, HVAC manufacturers and installers like Comfort Monster often offer specials and incentives to generate more business during these times. 

When a necessary home investment comes up, homeowners should try to time when to pull the trigger. If they can wait until the off-season, it can lead to significant savings.

Saving Money on Home Investments

With mortgage rates and inflation restricting cash flow, it’s important for homeowners to find accessible and affordable ways to improve and add value to their homes. The good news is that there are plenty of ways to improve a living space without straining finances, such as bargain shopping off-season and investing in efficient upgrades. 

In some cases, you can even benefit financially, as is the case with a solar panel lease or niche rental space. The important thing is that homeowners consider their options and look for non-traditional ways to invest in the name of bettering not just their homes but their financial future.

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