Home Improvements
That Pay Their Way
by Terri Cullen
From The Wall Street Journal Online
March 01, 2007
Homeowners pay an
average of less than $1,000 a year on upgrades to their homes, and many spend
less than $100 a year, a recent
study
found. In many cases, the improvements aren't enough to maintain their homes'
current conditions.
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Related Link
WHAT TO DO: If
cash for home improvements is tight, focus on making low-cost upgrades that pay
for themselves by cutting future energy bills. Simple improvements, such as
switching to compact fluorescent bulbs or having your water heater and furnace
checked regularly by a professional, can reduce your energy usage and extend the
life of the products. If you need to make upgrades, consider installing
energy-saving models
such as tankless water heaters and ceiling fans with built-in heaters. Click
here
for quick, low-cost upgrades seniors can make to save energy and allow them to
stay in their homes as they age. Need help paying the bills? Federal tax credits
and utility-company rebates
are available
for certain energy-efficient home renovations.
Cutting Back
Homes spending less than $1,000/year on improvements and maintenance
| Value of Home (in Thousands) | Number (in Millions) |
| Under $100 | 15.7 million |
| 100-149 | 6.6 |
| 150-199 | 3.6 |
| 200-299 | 3 |
| 300+ | 2.2 |
| Total | 28.1 |
| Source: Joint Center for Housing Studies of Harvard University | |
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