Now that the daylight is lasting longer and spring is just around the corner, many homeowners are thinking of home improvement projects they can accomplish this year.
A study by the Joint Center for Housing Studies of Harvard University showed that 2016 is shaping up to be a good year for home remodeling. An estimated $147.8 billion is expected to be spent on renovation projects in the second quarter of the year, followed by $154.8 billion in the third. These numbers are much higher than they’ve been in years, with the next-highest quarterly spend amounting to $144 billion in the third quarter of last year.
“More than $140 billion is predicted to be spent on home improvements in the second quarter of 2016.”
As homeowners decide how they would like to improve their home this year, many are opting to explore environmentally friendly renovations. These changes are not only good for the environment; they are also beneficial to your energy bills, not to mention the resale value of your home. First time home buyers today like to find efficient homes.
There are many ways to introduce eco-friendly changes to your home. Freshome suggested upgrading your insulation, but replacing your windows and doors are good ideas as well. These are three main factors affecting how efficient your heating system is. By improving these, you are sure to have a warmer home in the winter, and a cooler one in the summer.
Another way to go green is to find a way to harness the sun. That is, install skylights to get some natural lighting in an otherwise dark or lamp-lit room. Or, you could get some solar panels to begin generating some of your own electricity, or use it to help heat your home or water.
These ideas come with another perk besides improving the value of your home or lowering your energy bill. You’ll get some tax breaks as well. According to TurboTax, homeowners who choose to install a solar water heater, wind turbines, a geothermal heat pump or another similar eco-friendly upgrade can get up to 30 percent of their purchase back when they file their taxes.
Finance a home upgrade
Looking forward to that tax credit can be a good motivation to make the purchase, but these upgrades can still be pricey. One popular way to pay for these upgrades is by refinancing your mortgage. By speaking with professionals at Lenox/WesLend Financial, you’ll be able to learn how your mortgage can help you improve your home.
For more information about financing a home improvement project, contact Lenox/WesLend Financial or call 844-225-3669. As heard on the radio, it’s the biggest no-brainer in the history of mankind.