According to Statista, Americans spent $328 billion on home renovations during the last quarter of 2019. If you’ve spent any time browsing the home improvement section of your local department store, then you don’t need Statista to tell you that renovating can be pricey.
However, depending on the circumstances, there’s a point where not renovating can actually be more expensive than biting the bullet and tackling those long overdue home projects.
To that end, here are 3 common living situations that may actually be signs that you need to upgrade now rather than later.
Scenario #1: Your Bathtub Is Leaking
At first glance, this subheading might seem a bit far-fetched. The bathtub is in its own room where it doesn’t really have an opportunity to impact much. If your tub is taking a little longer to drain water or you’re seeing a bit of water surrounding the tub when you get out of the shower, is that really an emergency?
Here’s the thing – if your tub has reached a point where it’s leaking water, you’ll likely have to replace it eventually anyway. But while a little bit of water might not hurt anyone, FEMA notes that spillage from tubs can help create the conditions that encourage mold and mildew. And once that damage is done, suddenly you’ve got both mildew removal and a bathtub installation on your to-do list.
Scenario #2: You Have Hard Water
It turns out that hard water can drain your bank account in more ways than one.
First, there’s the subtle, day-to-day cost that might show up in the form of stiff laundry or the need to use more soap and cleaning products on surfaces because the water is leaving residue.
But the second, and potentially bigger long-term cost, is the effect that hard water can have on your pipes and appliances. The Water Quality Association, while discussing the Softened Water Benefits study, mentioned that a gas storage tank water heater can lose up to 24% of its efficiency if it’s used with hard water.
With water treatment system installations getting easier and cheaper to pursue, and with free water treatment consultations becoming more and more available, it may be worth your while think very seriously about pursuing some form of water treatment.
Scenario #3: Your Energy Bills Are Going up for Seemingly No Reason
With HVAC equipment, it’s not always easy to see that your system is declining. After all, while they might not operate at peak efficiency, air conditioners and furnaces can run for years on end while quietly costing you money in the background.
The University of Michigan’s Center for Sustainable Systems observed that America collectively spent $1.3 trillion on energy in 2018. And with residential use accounting for 21.2% of the country’s energy consumption in 2019, it’s safe to say that households put a lot of money into their bills.
If you’ve been looking around and noticing that your energy bills have been creeping up without any explanation, the financial cost of an aging HVAC system could be impacting you already.
Although there’s a lot to be said for being frugal when it comes to home renovations, there comes a point where not upgrading household items can end up costing you more long term than simply making the change early. So if you’ve been living through any of these situations, you may want to consider looking into the question of whether or not you could save money by renovating.