In the second quarter of 2022, houses in the U.S. sold for an average of $525,000. That’s an incredible jump of $150,500 from the mean price recorded in the same quarter of 2020!
Those figures prove that buying a home is becoming more expensive nowadays. So much so that 49% of people in the U.S. say the availability of affordable housing in their community is a huge problem.
Thus, if you already own a home, you’d want to maintain it or, better yet, increase its value.
In this guide, we’ve shared some home improvement ideas to help you achieve that goal this 2022. So keep reading, as they may not only boost property value but may also prompt you to make some extra income.
Glam up Your Curb
About 7% of the selling price of a home has to do with its curb appeal and that of the neighboring property. After all, this feature is the first thing people see when they look at a house from the sidewalk or street.
Even if you don’t plan to sell your house, you should still consider glamming up your curb, as it can affect your mood. Remember: It’s the first thing you see when you come home, so if it’s messy and full of clutter, it may put you in a foul mood. Indeed, research says clutter can boost stress levels and even lower one’s quality of life.
You can start your curb-sprucing project by tidying up a messy front yard. They can be anything from bicycles and parts to broken plant pots, tools, and toys. If you have lots of flora on your lawn, they may also produce clutter like branches, dead limbs, and leaf mulch.
Once you have a clean slate, you can begin a home remodeling project, such as fixing a broken fence. If its paint is bubbling or cracking, consider repainting it, too. You can also do the same with an old mailbox; fix it and replace tarnished metal numbers with a new set.
Make Your Outdoor Space Greener
According to researchers, there’s a link between mental health and greenery. For one, they say that being around plants, indoors or outdoors, can help ease anxiety and stress. They also found that plant exposure during the pandemic positively impacted mental health.
With all those benefits, it’s no wonder “houseplant parenting” is here to stay.
So, why not make the most of your outdoor space by planting one, two, or more trees? Go with fast-growers, such as crepe myrtle, Emerald Green arborvitae, or Prairifire’ crabapple. Not only do they grow fast, but they also make for pretty living hedges, giving you more privacy.
You may also want to add fixed or hanging planters to make your outdoor space more inviting. Window boxes are also great, but if your exteriors need cleaning, be sure to pressure wash them first.
Rehab Your Home for Profit
Do you have unused rooms in your home or a detached and distressed structure on your property? Perhaps you have a second home you barely use, much less maintain. Either way, you can turn these spaces into a profitable venture.
According to Urbchicago.com, that’s what flippers do: rehab homes for profit. However, you don’t have to sell your house; you can rehabilitate it and rent it out. In doing so, you can generate extra income from rental fees.
Moreover, all your upgrades and improvements can boost your property’s value.
You can rent out just a part of your home, like a room or a renovated garage, to long-term tenants. Alternatively, you can turn them into seasonal rentals, such as through Airbnb.
Take Advantage of the Extended ITC
Buy and install a home solar power system this 2022, and you can get a 30% federal tax credit. This incentive, known as the solar investment tax credit (ITC), was initially going to drop to 22% this 2022. However, thanks to the recent act the President signed and passed, it went up (from 26%) instead of down.
With the federal ITC, you can get a tax credit equaling 30% of your solar-related costs. So, for example, if you spend $15,000 on buying and installing the system, you can enjoy a tax credit of $4,500.
Other states, like New York and South Carolina, also offer state-level tax credits. They’re like the federal program, but the incentive is for your state taxes.
Besides, going solar can help reduce your energy bills since you’ll use the sun’s power instead of the grid. Thus, it also lets you minimize your carbon footprint, as solar has a lower emission rate. Moreover, generating this green energy doesn’t produce pollutants, unlike burning fossil fuels.
Turn Your Home Into an Energy-Saver
Aside from going solar, there are lower-cost ways to save energy, such as switching to LED lighting. An LED bulb costs an average of $2.50, twice as much as an incandescent bulb, but it can last about ten times longer. More than that, it uses at least six times less energy than an incandescent one.
Another excellent energy-saving update is to install solar and thermal control window films. These are way cheaper than replacing windows themselves. However, they can help minimize heat gains and losses that transpire through windows.
If you have more budget, consider going for Energy Star home appliances. These products have passed stringent EPA energy-efficiency testing guidelines. Some examples are heaters, air conditioners, clothes dryers and washers, dishwashers, and refrigerators.
You’d want a more energy-efficient home ASAP because of the expected price hikes this 2022. According to the EIA, residential electricity prices will go up by 7.5% this year. Moreover, it will see further increases in 2023.
Turn These Home Improvement Ideas Into Reality
And there you have it, the top home improvement ideas you should tackle ASAP. Not only can they help make your home more livable, but they can also boost your property’s value. You may even profit from these improvements by renting out a rehabbed space in your house.
So, why not start improving your home as early as today? The sooner you do, the sooner you can make the more out of homeownership.
Are you looking for other savvy and smart homeowner guides like this? Then check out more of our blog now!