From Brittany on August 12th, 2011 in General Remodel
Over 250 years ago, English poet Edward Young wrote, “Procrastination is the thief of time.” The adage is as true to today as it was then, and when it comes to putting off home improvement projects, procrastination doesn’t only rob us of time, it can steal money right out of our pockets. Ask any homeowner who has woken up to find a waterfall pouring through the ceiling, and you will be told how costly it can be to put off making necessary repairs and improvements.
Even when the consequences of procrastination aren’t as dramatic, tackling the home improvement to-do list now can save you money later. Installing energy-efficient windows, for example, can save homeowners as much as $200 to $300 per year on heating costs. It isn’t all about money, either. Drafty windows can bring a chill to even the most well-heated home.
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While projects that prevent damage to the home are paramount, you can get more bang for your buck by combining preventative repairs with home upgrades. Home improvement projects continue to add value to a home, with most projects returning 50% to 70% on the investment. Even small projects can garner big results. You can expect to recoup 100% of the cost of replacing a drafty door with a steel one, and see an immediate reduction on heating and cooling costs.
Save more when you go green
Projects that make a home more energy efficient may also qualify homeowners for government rebates from programs offered at the federal, state and local level. In addition, many utility companies also offer incentive programs, some of which are based on household income, making it possible for some improvements to be achieved at little or no cost. Adding insulation, upgrading a heating system, replacing windows, installing a new water heater, adding residential solar– the savings from rebates can run into the thousands. Rebate programs, however, can be time sensitive, making it all the more important to avoid procrastination and act now.
When inclement weather forces homeowners indoors, it becomes almost impossible to start projects that can protect homes from the ravages of winter storms. Installing that new siding, upgrading your air conditioner, insulating the attic and weather-stripping those windows today can save homeowners from regret later.
There are also long-term consequences to consider. The drop in home prices makes it all the more important for you to do everything you can to retain or boost the value of your home, whether you’re planning to sell in the short term or not. With so many homeowners now owing more on their mortgages than their homes are worth, anyone planning to ride out the market needs to ensure that their homes will retain value for the long haul.
As another familiar adage says, “Time and tide wait for no man.”
Photo via Houzz