Want to make a big impact on your home’s appeal, but don’t exactly relish the thought of draining your bank account? You’re not alone. According to HomeAdvisor’s TrueCost report, a record number of Americans invested in home renovations in 2016; of these, more than half reported they had concerns about spending too much.
The good news is that you can improve your home and add to its value without spending big bucks. Renovations and repair projects that cost less than $5,000 could make an impact on your home’s appeal.
When you think of a kitchen remodel, the term “budget” might not be the first thing that pops in your mind. After all, most people spend an average of $21,637 to update their kitchen. However, according to Consumer Reports, you can spruce up the heart of your home inexpensively by choosing products and materials that look high end, without the high-end cost. To start, take advantage of the free (or inexpensive) design services offered by large home centers. Save money on countertops and floors by choosing options that resemble much pricier natural wood and stone. Think high-definition laminate countertops and vinyl or porcelain tile that’s designed to look like hardwood flooring. Installing open shelving in lieu of new cabinets saves you dollars, as well. Pro tip: Choose a neutral color palette to help entry-level materials look sleek and use a combo of inexpensive lighting options — under-cabinet, pendulums and overhead fixtures — to create an upscale ambience.
Bathroom remodels tend to return up to 90 percent of their cost in home value, so spending $5,000 on a bathroom renovation typically represents a sound investment. Updating old flooring with modern vinyl, replacing dilapidated sink fixtures, and replacing that hopelessly out-of-style 1970s lighting could make a huge difference without breaking the bank. If you really want to modernize, consider replacing a bathtub and shower combo unit with a separate shower and tub for a fresh new look.
An inexpensive way to enhance your home’s curb appeal starts at the front door... literally. For a couple thousand dollars, you can install a custom door that welcomes guests — and potential buyers — and starts their visit off on the right foot. Or, you can spend a bit less for a non-custom door that still provides a modernizing effect. Consider replacing your garage door, as well. Offering an 87 percent return on investment, a new garage door typically costs about $2,300, but will spruce up your home’s look from the outside.
One home-buying trend that doesn’t appear to be going anywhere soon is the popularity of open, spacious rooms. Consider creating more space in the rooms where family tends to gather, such as between the kitchen and dining room or living room. Many buyers look for open floor plans, so take a look at non-structural walls in your home and determine if removal may be a viable option.
Whether you’re selling today or sometime down the road, these home renovation projects could make a big impact for little cost.
