2 Home Remodeling Projects That Can Increase Your Income

Posted on: 22 June 2015

Remodeling your home is a great way to improve the value of your home, while also helping you to earn a bit of extra money. Installing solar panels and building an accessory apartment are just two renovations that can provide you with additional income.

Solar Panels

Solar panels are a fantastic addition to any home because they can help you a in a variety of ways. For example, solar panels can easily end up lowering your utility bills every month, especially during the summer when the average person's utility bills tend to rise as a result of increased air conditioner usage. With solar panels, you could keep your air conditioner on for longer periods of time without seeing an increase in your utility bills or even eliminate your cooling costs altogether.

Now, the way that solar panels can provide you with an additional source of income is that you can sell the any power that you do not use for yourself back to the power company. This can be accomplished by having a contractor install your panels in those areas on your property that get the most sun.

When selling power back to the power company, you will need to be aware that there are a number of factors that will affect how much money you can earn. For example, if you live in an area where blackouts are common, the local power company will likely pay a premium for any power that you can provide them with. If you live somewhere that has no shortage of power generation capabilities, then you will likely receive less money and possibly see a cap on the amount of power that you can sell back to the power company each month.

Accessory Apartment

Another great addition to your home is an accessory apartment. These apartments are typically built in a garage, basement, or over a garage and can provide you with extra money in the form of rental income.

In most cases, you will want to make sure you provide a private entrance to the apartment, separate utility connections, kitchen, and bathroom in order to attract prospective tenants. Forcing prospective tenants to utilize a kitchen, bathroom, or entrance in the main house can limit their privacy, which can make it harder for you to find people willing to rent the apartment.

Not only will this option provide you with a way to have extra money in your pocket or offset your mortgage payments, but it will also increase your home's value. The main reason for this is that prospective buyers will be attracted to the income potential and the extra living space that the accessory apartment provides.

Talk with a contractor like Clodfelter Bryan & Tammy to discuss which remodeling projects are a good fit for you and your budget. If you are looking to increase your income via your home, it is hard to beat the income potential of an accessory apartment or solar panels.