When you buy your home, you’re not done investing in its value. Yes, you’ve made your initial down payment and put money toward reducing your mortgage’s principal each month. But as any homeowner will tell you, there will be changes you’ll want to make as the years go by. And at any time, more than a few things can go wrong with a house, and the fixes can’t wait. Think roof leaks, HVAC system breakdowns, and kitchen appliance failures.
There’s no two ways about it. Repairs and upgrades are part of being a homeowner. Nonetheless, the costs associated with these responsibilities can seem out of reach. Inflation and supply shortages over the past couple of years have also squeezed owners’ budgets. It’s left many wondering whether they should delay improvements or whether they can really afford them at all.
However, finding ways to afford the upgrades on your list doesn’t have to be too much of a stretch. With some planning and exploration of your options, you can make desired modifications fit within your means. Here are four home improvements that are more affordable than you might think.
1. Solar Panels
You have dreams of reducing your electric bill, especially in the summer. Going green will make you feel like you’re supporting a cleaner environment while boosting your home’s value. But does the idea of shelling out tens of thousands of dollars at once for solar panels make you reconsider?
Affordability is a typical barrier for homeowners contemplating solar installation. While upfront costs can be pricey, purchasing solar panels isn’t the only way to go about it. Leasing panels is another avenue to pursue if you want to switch to solar. With leasing, you don’t have to dole out a bunch of dough to get started.
Instead, you pay a reasonable monthly fee. The money you save on energy costs may help cover your monthly lease expenses, depending on the size of your home and energy use. You might also be able to take advantage of tax credits for solar panels. These savings can make the switch more affordable than it appears at first glance.
2. Kitchen Appliances
Don’t believe a new kitchen will fit in this year’s budget? You’re not the only one. Only 43% of surveyed Americans can dip into their savings to pay for a $1,000 emergency expense. If your refrigerator, stove, or dishwasher goes out, you’re easily looking at close to $1,000 or more. The costs only increase if you need to replace your entire set of kitchen appliances at once.
Kitchen appliances typically last for 10 years or longer, so the age of your home is a factor here. The chances of failure increase if the home is older, with original or dated appliances. But even newer dishwashers, stoves, and refrigerators can unexpectedly give out. Part of the home inspection entails checking whether appliances work and predicting their expected remaining lifespan. Still, an inspector can’t pinpoint exactly when something will go wrong.
You may not have enough savings to replace your kitchen appliances, but feasible financing choices exist. Credit cards from home improvement stores typically offer special financing and discounts for purchases. These deals extend to kitchen appliance sets you buy and have delivered by the store. You can pay little to no interest for six months to a year while making smaller payments toward the purchase. It’s a way to spread out the cost while getting what you need.
3. Aesthetic Updates
The appearance of your home’s interior and exterior isn’t just influenced by layout. Lighting fixtures, ceiling fans, paint colors, and landscaping determine your home’s look. If you have dark wood cabinets in the kitchen, you might want to brighten them up. Or you may want to swap out ’80s-era light fixtures you can’t tolerate another minute.
Making changes to these items can seem daunting. You might think bidding out these jobs to contractors is your only choice. Yet hiring others to make home improvements can get expensive, as you’re paying the ever-escalating cost of labor. But if you’re willing to perform the work, you can make simple cosmetic changes yourself.
Examples include painting interior walls, switching out cabinet hardware, and replacing light fixtures. Giving the outside a coat of paint can also be a DIY job if your home isn’t too high. Painting your kitchen cabinets and installing tile are additional examples. Plenty of DIY videos exist online if you need a tutorial on how to make basic home improvements. By doing these jobs yourself, you won’t pay labor costs or a markup on the supplies.
4. Emergency Repairs
Imagine your area was recently hit hard by a hailstorm. You get someone to check out your roof for free, but there’s not-so-great news. You need a new one — it’s not something you can let slide. However, how will you afford it? You don’t have five-figure sums sitting in your savings, and your credit cards won’t cover the cost.
With major repairs due to emergencies, you do have some options. You can turn to your homeowners insurance, although you will have to pay your deductible. Filing an insurance claim can cover most of the expenses, but there will likely be red tape. For one thing, an adjuster will need to survey the damage and approve repairs before you proceed.
Sometimes, a quicker way to take action is to take out a home equity loan or line of credit. A lender may only take a few days to get you the funds to make repairs. Plus, a line of credit stays open for future needs. If your water heater dies days later, you’ll be able to handle it.
Affording Home Improvements
Your house is arguably the largest financial investment you’ll ever make. Taking care of it gives you feelings of pride and accomplishment. But the cost of home repairs and improvements may come with a sense of sticker shock. Leasing, low-interest credit, DIY, insurance, and home equity financing can put those upgrades within reach.
