In today’s housing market, it can be incredibly difficult to find a house that has all (or even some) of the features on your must-have list. This has led many homebuyers to buying lower priced homes in good neighborhoods and renovating them to meet their needs.
If you’re looking to follow in their footsteps, it’s important to plan ahead to figure out which major projects are actually worth the time and investment. Don’t just assume your new house needs its entire kitchen gutted and several walls knocked down. When you’re strategic with your investments, you can feel confident knowing you’re getting the best possible ROI for your renovations.
That said, here are three major investments that you can make in your new home that can give you the most bang for your buck.
1. Installing a Metal Roof
If we’re talking big investments, installing a metal roof is one of the biggest (and one of the best) investments you can make. Roofs are expensive, especially metal roofs. But what sets a metal roof apart from your average asphalt roof is that asphalt requires re-roofing every 10 to 20 years.
Metal roofs last a lifetime and help to keep your home warm during the winter and cool during the summer. That means when you install a metal roof you’re not only saving on future roofing costs but you’re also saving on future energy bills.
2. Installing New Steel Pipes
You don’t need to consider this investment if your new house is a new construction because chances are your plumbing system is already brand new. However, if you have an older home, it’s a good idea to take a look at what kind of plumbing system you’re working with. For instance, PVC piping only survives for about 24 to 45 years, which means your plumbing might already be gross and ready to go by the time you move in.
If your plumbing system is on the older side and made of copper or PVC piping, it may be a good idea to switch to stainless steel. Stainless steel pipes can easily exceed a 100-year lifespan under typical conditions. New plumbing ensures energy-efficiency, water efficiency, and water quality.
3. Finish Your Basement
Finished basements have an incredible amount of potential because they can be used for almost anything: wet bars, laundry rooms, home offices, home theaters, you name it. But if you’re really looking to make a big investment with some serious ROI, consider turning your basement into an apartment.
With a basement apartment, you can either rent out the space to a tenant and become a landlord, create an in-law suite for your parents as they get older, or have a friend move in with you and share the mortgage together. Sharing a mortgage can be incredibly appealing if you’ve bought your home on your own. In fact, up to 5.5 million Americans live with someone they’re not married to because it makes it easier to afford living expenses.
When you’re making a big investment into your home, you want to be sure that you’re not throwing your money into the void. You want to get the best possible ROI for your project. Consider which home improvement projects will save you money in the future on energy bills, repairs, and maintenance. Installing a metal roof, new plumbing, and finishing your basement are all major home improvement projects, but each project has its financial advantages.