The Tampa Bay area’s real estate scene is booming. In recent years, home prices in our area have increased due to factors like high migration. I mean, who wouldn’t want to live in Hyde Park?
If you want to boost the value of your home, or maybe get some inspo for the future, here are a few project ideas:
Solar panels
Here’s one way to make the most of our TBAY sunshine. First and foremost, solar panels reduce the cost of electricity bills. Over a 25-year span, homeowners with certain systems typically save $35,000 to $45,000 using solar in our region. That’s $1,400 to $1,800 per year.
On top of utility bill savings, the National Renewable Energy Laboratory says home value increases 20x the annual amount saved on bills. For instance, if a homeowner saves $1,000 per year on their energy bill because of solar panels, that will increase a home’s value by $20,000.
While the upfront cost of installation can be daunting, local energy companies TECO and Duke Energy offer incentives to help ease the burden. There is also a property tax abatement program in Florida for renewable energy, meaning solar panels can increase your home’s value without seeing property taxes increase.
There are homes on the market already set up for solar success. This St. Pete home has the right idea.
Tiny homes count too.
Photo by Stephanie and David Bailey via Airbnb
Simple upgrades
There are two simple upgrades with the power to give your home a jump in value — appliances + windows.
Upgrading your appliances can give a boost. For example, newer energy-efficient models also have the power to reduce bills, including smart devices.
As for windows, new ones with good insulation can also bring the cost of energy bills down and simultaneously add on to your asking price. The same goes for doors.
If you want a ready-made smart home, here’s one on the market.
Become water wise
Make the most of TBAY’s rainy summer months with some smart water decisions. Tampa Bay Water Wise offers rebates for homeowners who install upgrades like water-efficient toilets, smart irrigation systems, and wells. There is up to $1,350 available.
But wait, there’s more. These changes can reduce water consumption, and — you guessed it — bring the cost of your bill down. Remember — we’re in drought and watering restrictions are still in place.
As with solar, reduction in energy bills increases home value 20x the annual savings, with water efficiency offering a projected average boost of $10,600 to home value in our area.
If a home with smart irrigation is on your wishlist, there are some for sale.
