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.
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.
Become water wise
Make the most of TBAY’s rainy summer months with some smart water decisions. Tampa Bay Water Wise offers rebates for new homes that achieve Florida Water StarSM certification. There is up to $1,000 available.
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.
