From DIY home improvement projects to kitchen remodeling, discover helpful tips, ideas and how-tos for your next remodeling project. Generally the first place to start in creating an energy efficient living space is air sealing. This means to create a tighter” home by sealing cracks and gaps around windows, doors, plumbing, electrical and venting penetrations so that you can control air exchange and ventilation Sealing these leaks will mean that less unconditioned air makes it into your house and produces less load on your HVAC system. Start by using caulking and weather-stripping to seal air leaks This is a low budget item that most homeowners can do. Figure 2 will help you determine where to look for leaks and the following references will give you more information on air sealing.
The projects that add considerable value are big favorites of fix-it-and-flip it advocates – and they should be high on a homeowner’s list too. While most of these efforts will not recoup their costs, some will come close. The National Association of Realtors cites new siding, kitchen renovations (new countertops and state-of-the-art appliances) and new windows as some of the most beneficial projects, often recouping 80% or more of their costs during resale. Upgraded bathrooms, refurbished decks and energy-saving improvements offer a lot of bang for the buck too. For a more detailed list, see Top 5 Home Renovations for Your Money in 2017.
The best way to pay for any home improvement is using savings since it means you won’t have the added expense of loan interest to bear – that’s if you have savings in the first place. However, if you do need to borrow the most sensible way is to add the cost to your mortgage. But only if you can persuade your lender to release additional funds and you have the ability to repay ! Otherwise, it might be your friendly local credit union but again only after you have budgeted properly to justify the monthly commitment. All in all, your house would get an uplift and so would you.
This doesn’t mean that you have to buy designer appliances and tear out the cabinets but a minor kitchen remodel might be a good investment. Sometimes simply painting oak cabinets a darker color and installing updated hardware can give your kitchen an all-new look. 3 Stukel, L., R. Scheu, C. Gamba, and P. Brookstein. (2014). Valuing Home Performance Improvements in Real Estate Markets Proceedings of the 2014 ACEEE Summer Study on Energy Efficiency in Buildings. pp. 10-302 to 10-315. Retrieved June 28, 2015.
Exactly how much value improvements will add very much depends on where you live. In London, where house prices are much higher to begin with, returns will also be higher. The tenure of the loan is also dependent on the customer’s profile, age of customer at maturity of loan, age of property at loan maturity, depending upon the specific repayment scheme as may be opted and any other terms which may be applicable based on prevalent norms of HDFC.