Welcome to the ultimate guide for sprucing up your humble abode! Whether you’re living in a charming fixer-upper or your starter home feels a tad starter-kit, there's always room for improvement. And hey, if those improvements add a few zeros to your home's value, who are we to complain?
Keep reading to learn more about increasing property value and how you can improve a home you're looking to buy that's within your budget, but needs work.
1. The Heart of the Home: Kitchen Remodel
Average Cost: … it'll be worth it! ($15,000 - $40,000)
Home Value Increase: Impressively substantial (5-15%)
The Nitty-Gritty - Let's cut to the chase: kitchens sell homes. Upgrading this space can transform your culinary experience from microwave meals to master chef creations. But it's not just about impressing your dinner guests. A modern kitchen can significantly bump up your home's value. Think about walking into a home - where does your focus usually go first? A home's kitchen sets the tone for the rest of the house.
Where to Spend - Focus on quality countertops (think granite or quartz), sleek cabinetry, and appliances that make your life easier. An island, if space allows, can be a game-changer, offering extra prep space and a spot for casual dining or wine with friends. Consider butcher block style wood countertops for certain light colored cabinetry.
Money-Saving Tip - Consider refurbishing existing cabinets instead of replacing them. And sometimes, a fresh coat of paint and new hardware can work wonders.
2. The Bathroom: Your Personal Spa
Average Cost: A solid investment ($5,000 - $20,000)
Home Value Increase: More than just cosmetic (3-7%)
The Makeover Plan - Bathrooms may be small, but their impact is mighty. A grimy, outdated bathroom can be a deal-breaker for potential buyers. We’re talking about turning your bathroom into a mini-retreat – a place where you can escape for a tranquil bath or a steamy, invigorating shower.
Focus Areas - Consider a walk-in shower with frameless glass doors, modern fixtures, and maybe a double vanity if you’re tired of battling for sink space every morning. Good lighting and ample storage are also key. Bold-colored tiles are in right now. Maybe a dark blue or forest green in the shower area?
Smart Spending - You don’t need to go all out. Small changes like new faucets, a chic mirror, and a fashionable tile backsplash can make a big difference without draining your wallet.
3. Home Office: Because Commuting Is So 2019
Average Cost: Less than a used car ($5,000 - $15,000)
Home Value Increase: Worthwhile, especially nowadays (2-5%)
Why It's Hot - With remote work becoming the norm, a dedicated home office space is no longer just a nice-to-have; it's a must-have for most people. It's about creating a space where productivity blooms, away from the distractions of home life. And it doesn't have to be all about work - think about adding bookshelves for a modern library vibe. Bring in a small TV to stay up to date on the news during your work day! Some may even call this the new man cave or she shed.
Essentials - Invest in ergonomic furniture – your body will thank you. Good lighting, both natural and artificial, is crucial. Add some personal touches like artwork or plants to make the space feel inviting.
Budget-Friendly Tips - You don’t need to knock down walls or buy overpriced furniture. Sometimes, it’s as simple as converting a corner of your living room or sprucing up that odd little nook you never knew how to fill.
4. Going Green: Eco-Friendly Upgrades
Average Cost: It varies (from "That's reasonable" to "did I just buy a small yacht?") ($200 - $8,000)
Home Value Increase: Good for the planet and your pocket (1-6%)
The Green Scene - Energy-efficient upgrades aren’t just about jumping on the eco-friendly bandwagon. They’re investments that pay off in the long run, reducing utility bills and potentially earning you tax credits. Be sure to look up the benefits based on the state you live in. Certain areas offer better incentives than others.
Top Picks - Solar panels are the star of the show, but don't overlook smaller changes like LED lighting, programmable thermostats, and energy-efficient windows.
Efficiency on a Budget - Not ready for solar panels? Start with simple things like sealing drafts around doors and windows or installing a smart thermostat. Change your light bulbs to LED! They're more efficient and often much brighter than incandescent.
5. First Impressions: Landscaping and Outdoor Spaces
Average Cost: From DIY to designer ($3,000 - $15,000)
Home Value Increase: Visibly rewarding (5-12%)
The Great Outdoors - Your home’s exterior is its handshake with the world. A well-landscaped yard, a cozy patio, or a welcoming deck can not only boost your home's curb appeal but also extend your living space outdoors.
Key Areas - Focus on low-maintenance but high-impact landscaping. Think perennial plants, a well-maintained lawn, and outdoor lighting for ambiance. You'd be surprised how appealing a freshly cut lawn is to prospective buyers (the amazing smell is an obvious plus).
Cost-Saving Strategies - DIY where you can. Planting shrubs, laying down mulch, or building a simple fire pit don’t require a professional and can be surprisingly affordable.
6. Keeping a Solid Roof Over Your Head
Average Cost: A “shingle”nificant chunk of change ($7,000 - $15,000)
Home Value Increase: More than just a cover-up (15-40% of the cost)
The Lowdown - The roof might not be glamorous, but it's crucial. A leaky or worn-out roof is a major red flag for buyers and a nightmare for homeowners. Metal roofing also looks gorgeous, but can cost quite a bit more. They do last a lot longer though!
What to Consider - If repair is an option, it can be much cheaper than a full replacement. But if your roof has seen better days, investing in a new one can prevent a multitude of problems down the road.
Budgeting Smartly - Shop around for quotes and consider timing – off-season roof work can sometimes be cheaper.
7. Basement: The Ultimate Flex Space
Average Cost: A sizeable investment ($10,000 - $30,000)
Home Value Increase: Substantial and versatile (70-75% of the cost)
Transforming the Underground - An unfinished basement is a blank canvas. Whether you’re dreaming of a home theater, a gym, or an extra bedroom, this space holds immense potential. Think home office, extra bedroom, sports den, home bar, powder room, and play space… all in one area!
Key Elements - Good insulation, MOISTURE CONTROL (can you tell we think that's important), and lighting are the foundations. From there, the sky (or rather, the ground) is the limit.
Cost-Effective Approaches - You don’t have to go all out from the start. Begin by making the space livable and gradually add features as your budget allows.
8. A Fresh Coat: Exterior Painting
Average Cost: Less than a lavish vacation ($2,000 - $5,000)
Home Value Increase: Small but mighty (2-5%)
Why It Matters - Never underestimate the power of curb appeal. A fresh coat of paint can breathe new life into your home’s exterior, making it stand out in the best way possible.
Choosing Colors - Go for timeless over trendy. Neutral colors tend to appeal to a wider range of buyers, but don’t be afraid to add a pop of color, like a bold front door. Maybe red?
Money-Saving Tips - If you’re handy with a brush, consider tackling this project yourself. Just remember: preparation is key. A well-done paint job can last years.
Before you go...
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Renovating your home can be a journey filled with trials, triumphs, and maybe a few paint splatters along the way. But remember, whether it's a full-blown remodel or just a few tweaks, each improvement is a step towards making your house more than just a place to live – it's a place to thrive.
Happy renovating! Here's to creating a home that’s as unique as you are!
Written by Olivia from FinSpot
