Dreaming about making a few updates to your current home? From popular home renovation shows to social media, inspiration for updates abounds. Even if you are not planning a major remodel, small changes, like updating light fixtures or adding a fresh coat of paint, can have a big impact on your home's appeal. But small touch-ups do not always mean small costs, and it's important to understand the full expense for any changes before getting started.
These are some considerations to keep in mind when planning small home improvement projects:
The cost for popular home touch-ups can vary widely depending on the materials used, labor, and tools. For example, HomeAdvisor estimates the average cost for refinishing cabinets to be $2,469, but estimates a range of $800 to $5,000. Installing a new faucet costs $239 on average, but expenses could vary between $90 and $529. One way to hold the line on costs is to opt for less expensive finishes that can deliver an upgraded appearance without breaking your budget.
If your kitchen could use an update but an expensive remodel isn't in the cards, small cosmetic updates can have a big impact. A fresh coat of paint or gel stain can brighten up older cabinets. Changing out cabinet hardware with new knobs or modern pulls can freshen up your space. These are projects that homeowners often do themselves, which further minimizes costs by not needing to pay for outside labor.
With DIY projects, you'll need to factor in the cost of tools in addition to paint or hardware when creating your budget. If you are repainting cabinets, for example, you'll need to remove cabinet doors, remove hardware, and sand the surface prior to priming, vacuum the surface to remove loose dust and then prime. Materials like an extra-fine sanding sponge, spackling compound, and mini foam roller are not expensive, but it's important to include them in your overall budget estimate so there are no surprises at the hardware store.
If you plan to move within the next one to two years, consider how much of the improvement cost you will be able to recoup when your home is sold. Small changes, like updating your bathroom faucet fixture, can be done affordably and will help your home "show well" during a house tour. If you're painting a room, opt for a neutral shade with broad appeal, rather than a custom color that may polarize prospective buyers. If you're considering more significant changes, like upgrading appliances, consider which items will have the biggest positive impact on your resell value.
Minor improvements, like updating your bathroom faucet fixture, can usually be done on your own. Small changes, however, can sometimes creep into larger projects. It may be tempting to think, "If I'm changing out this fixture, why not update the tile and vanity at the same time?" More complex projects, like retiling a bathroom or replacing a vanity, could be a DIY project if you have the necessary tools and experience. However, it's important to honestly assess your skill level rather than start a project and make costly mistakes that require professional assistance to correct. For a full bathroom remodel, including rearranging plumbing, you'll want to call in the professionals.
Updating your home could impact your coverage needs. Your independent agent can answer questions about home insurance coverage and the impact of remodeling on your current policy.
