First Person: We've Added at Least $40,000 Worth of Home Improvement Value in 7 Years

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In today's tough economy, home values have plummeted. Our home has suffered the same fate. My wife and I have no intention of moving, so we have found ways to improve our home's comfort and value. Since 2005, we have gradually completed a number of projects that have improved our home's financial value and made it even more comfortable for us to enjoy. In addition, some of the projects have helped us save money on our monthly bills.

Changing back porch to sunroom

We had our first project completed in 2005. We had a run-down screened-in porch in back of the house. The screens had begun to tear, and the floor would flood up to the house level during every heavy rain. In addition, our small house was cluttered and we needed more space. At the time, we could afford only monthly financing, but we had the porch converted into a Florida sunroom with double-insulated glass. We added extra square footage and later had the windows tinted to give extra protection from the summer sun's heat. The room cost us nearly $20,000 thousand, but the new appraisal upon our 2006 refinancing showed that it increased our property value by approximately $40,000 compared to the appraisal we had just before the transformation. We now use that sunroom as much as any other room in the house.

Installing a water conditioner

My parents both passed on in the summer of 2009. We saved some of the inheritance and used some to pay off debt (including the sunroom), but we used part of it to improve our home even more. In 2010 we had an electric water conditioner installed. We paid $1,600 cash for the system, but we do not have monthly payments for the product or the service. The water system removes impurities from our hard water, and it keeps our water-using appliances running more efficiently, saving us on utility bills. Our pipes are cleaner, and they also run more efficiently. We save approximately $5-$10 each month on water use.

Installing new windows and gutters

Later in 2010 I finally decided to replace the worn-out gutters. We now have more attractive gutters that keep the water from leaking onto our front walkway. They look much more attractive, and the backyard gutters go into the ground. The gutters cost us $600, but they are easier to clean and require very little maintenance.

In 2011 we replaced the old windows. Our heating and cooling costs had risen drastically. An analysis showed that our windows had only a single pane of glass, and the seals had worn down. This let cool air out and the heat in during the summer. In winter, our heat escaped, making us run the heater much more. We installed energy-efficient argon-filled windows that block heat far better. The new seals aid in the blocking. We reduced our cooling costs by as much as 25% per month. We spent approximately $2,100 to complete the project, but the savings of $50 per month will continue.

Improvements are investments

We have completed other smaller projects as well. In all, we spent many thousands of dollars. However, the increase in our home's value of over $40,000 has made the investments worthwhile. Should we one day decide to sell, we will receive far more than if we had not made the improvements. Until then, we enjoy the lower monthly utility bills that these projects allow us to have. More importantly, the projects have helped us feel more comfortable and turned our house into a home.

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First Person: We've Added at Least $40,000 Worth of Home Improvement Value in 7 Years