- If you live someplace with stringent energy codes, consider insulation costs when framing (i.e., don't use 2x4 framing in places where you need R-20 insulation) -- this reduces your need for expensive insulation solutions.Also as Karen and others have said, buy materials that are decent but can be had inexpensively -- ceramic tile, carpet, less desirable granite slabs, etc.

Plus you see them blown out at $0.49/sq foot at places like Lumber Liquidators every so often.Basic government regulations have made windows and door significantly better than they have ever been in terms of insulation.  

I just signed up to re-invest some of that into a local program where the utility company subsidizes insulation, and air sealing.

Amount of insulation, windows, grey water, etc.

Mechanicals are in, but no insulation yet.

No insulation in basement or attic.

This will also include altering the side entrance.Paint/stain the exterior original cedar shake shingles (siding) and finish new siding design on the front porch.Lastly have insulation blown in the exterior walls.With this our home as well as the rest of the properties will be in great condition for the foreseeable future.

We have lots of aged building stock here - Victorian or older - that can often be found at relatively descent prices due to the fact they are energy pigs.While it is true that a kitchen or bathroom installed today will be a 20yr old kitchen or bath when it comes time to sell, adding insulation, improved electrical, plumbing, ventilation ... all those "under the hood" type of renovations will bring comfort and health benefits to your tenants and operational benefits to your bottom line.

Heating costs are really a killer in Maine so I'm going to focus on improving the energy efficiency by replacing the old windows and insulating the attic.

Heating: The 11K/yr oil bill is a strong indication there is no insulation in this building (just your standard, for the day, two layers of lath-n-plaster ... if it is a wooden building).