The concept of spending money to save more cash in the long run is an age-old personal finance concept. Modern homeowners and entrepreneurs are putting a new, efficient spin on the idea by cutting operational and household expenses across the board in several creative, unique ways. One of the common ploys is to expand or convert residential garages and turn them into bedrooms, recreation areas, storage rooms, or private offices.
In the transportation industry, fleet managers are adding electric vehicles (EVs) to their holdings to save on fuel expenses. Other money saving hacks in current use by individuals and entrepreneurs include upgrading appliances, adding outdoor lighting, landscaping, replacing windows to increase energy efficiency, redoing gutters and roofs, and adding home offices. There are dozens of ways people can spend money today to cut long-term expenses, but the following are favorites among today's business leaders and homeowners.
Garage Conversions & Expansions
Garage conversions are one of the most versatile jobs a homeowner can choose. Because garages tend to be larger than every room inside a typical home, they are excellent candidates for creating multiple rooms from a single area. What are the most popular choices? Besides turning a garage into a combination workshop and car storage area, many convert them into loft bedrooms, recreation centers, offices, art rooms, and play zones for kids. There's a growing trend toward adding rubberized or carpeted flooring and electric car charging ports, particularly for individuals who own EVs, like the Tesla Model S, or hybrid electric plug-in models, like the Toyota Prius Plug-In.
Charging Stations For Transport Fleets
Transport fleet managers are discovering that it pays to invest in electric vehicles. Most companies start slowly by adding a few EVs at a time, but they soon realize that it's essential to have dedicated, on-site car chargers too. If you supervise a fleet or own a transportation business, do your due diligence by learning as much as possible about charging networks, the fundamentals of putting in fleet-wide EV chargers, and learn about the price of charging units. Of course, there's no need to install a charger for every EV you own.
Most fleet managers find that one or two units are enough to keep all their electric vehicles topped off and ready to go. However, large businesses should consider acquiring several chargers if they own many EVs that are on the road almost every day. Companies that sell charging stations use mathematical formulas to help buyers determine the ideal number of units they need based on daily mileage and other relevant factors.
Consumers and commercial buyers are usually surprised at the considerable cost of doing an all-around window replacement in residential houses or office buildings. The latest energy-miser units have the potential to reduce utility expenses by as much as 40%, depending on the local climate and how careful owners are withholding indoor temperatures at reasonable levels year-round. Many owners turn to banks and other lenders to cover the initial cost of installing multiple units on a house or small commercial structure. The average time it takes for an average residential homeowner to break even on the initial investment is between two and five years. Considering that the windows last for about 25 years, the math tends to work out to the buyer's advantage.
Gutters & Roofing
There are so many advantages of professional roof restoration services even though a new roof, even on a small structure, can be a costly investment. However, the improvement can not only increase the future resale value of the property but attract more buyers once the home is on the market. Short of a total replacement, hiring a contractor to do a roof repair and gutter replacement is an affordable job that delivers long-term savings in terms of higher resale value and better preservation of the structure.
Office Additions For Self-Employed Professionals
Since the COVID pandemic hit in early 2020, millions of workers have discovered the wisdom of working from their homes. At first, during the lockdowns, people had no choice but to do whatever work they could from home. Now that there's more of a choice, many are increasingly choosing to stay put and do their jobs from converted bedrooms, room additions, attics, and whatever space they have available. The arrangement is particularly feasible for independent owners who have little need for leased commercial space and employees who work in industries that allow telecommuting.
The lowest cost office additions are conversions of existing rooms into dedicated workspaces. For those who are short of spare square footage, they can opt for a traditional room addition, but that's a pricey alternative. In many cases, working adults turn to attics, garages, basements, storage sheds, and extra bedrooms for the space they need. But even when that option is available, there's usually a need for renovation to convert the existing areas into user-friendly office spaces that can accommodate one or two workers.