Many people today are staying in their homes longer. One of the reasons for this occurring is because current interest rates are at a twenty year high. If you are lucky enough to have an interest rate, on your home loan of 3% or 4% why not stay? You may find that the longer you stay in your home the more you find yourself spending money on your home to make it the best that it can be. When spending money on improvement, what things should you splurge on?
Mechanical and energy saving
Deciding what to splurge money on when buying things for you home is difficult. Remember, if something is inexpensive, but does not last, you really are not saving money in the long run. The savings that you made when you purchased the cheap item disappears when you have to buy again. Your objective should be to buy things that last when you are buying mechanical items. As an example, your furnace, is a place to splurge. Your furnace should last around twenty years. If you purchase a cheap furnace you may not get a unit with energy saving features. The unit also may require repairs or replacement sooner than a more expensive model. Water heaters and A/C units are also good mechanical items to splurge on. Here’s a list of items that are worth the splurge.
Here are some additional items worth splurging on
- Smart programmable thermostat. Properly controlling your heating and cooling is a great way to keep energy costs down. The best way to do this is with a smart programmable thermostat. They will cost more , but the energy savings will show up quickly. You can save eight percent on energy costs according to the U.S. Environmental Protection Agency. Your smart thermostat learns your schedule and balances temperatures throughout the day and saves you money.
- Green Appliances. The cost of an appliance can vary greatly. You can spend as little as $500 or as much as $2,500 for a washing machine. A refrigerator can cost between $600 and $2,400. Does it make sense to spend more to consume less energy? Many agree that smart appliances and tech appliances are a definite way to save money and energy in your home. They are also more friendly to the environment. All of that to say, they are worth the investment. Swapping out an old refrigerator for an Energy Star certified one can save you up to $200 a year on your electric bill.
- Flooring. This is another place to splurge, particularly in high traffic areas. This means spending the extra money whether you are buying carpet , hardwood or whatever your choice is. Your floors take a beating particularly if you have children or pets. You want to have flooring that is durable and long lasting and can stand up to your life!
Now you know where to splurge. Remember the things to splurge on and invest in should be based on durability of the item. If it can save you money over the life of the item it is also worth the splurge.