Owning a home is a significant investment, and enhancing it can increase its value and make the space more livable for you and your household. While many people are concerned about “curb appeal” for potential sale in the future, there are other effective methods of improving your home which often offer more value.

Boost energy efficiency

You can increase your home’s value and lower your expenses at the same time by making your home energy efficient. This can be achieved through various updates, such as upgrading appliances, replacing drafty doors and windows, adding solar panels or energy-efficient heating and cooling systems. Not only do these updates make your home more comfortable, but they may also increase its value should you decide to sell later.

Add to the living space

Another way to make your home more livable is to upgrade its interior space. For homeowners with unfinished basements, finishing the space can provide a great opportunity for creativity. Other interior upgrades to consider include upgrading your kitchen and bath, replacing old fixtures, customizing cabinet space, and adding new countertops.

Considering the costs

However, when considering exterior upgrades such as installing a swimming pool or fence, it’s important to use caution. Some projects could increase your insurance premium as well as your property taxes. Make sure to research which improvements provide the most value, and speak with your insurance agent to make sure any improvements will be covered by your existing insurance policy.

Whether you’re considering energy-efficient upgrades to save money or other types of home improvements, it’s important to weigh the potential costs and benefits. Making smart upgrades to your home can not only make it more livable, but can also increase its value eventually.