Ways to Add Value to Your Home on a Budget
It’s no secret every homeowner eventually wants to add value to their home. Not only does it boost the resale price, but it can create a more inviting and cozy space. When you stop and think about a home renovation, an overwhelming wave of stress overcomes you because all you can think about is the price tag. Well you’re in luck; adding value to your home doesn’t have to cost a fortune.
One good option to pay for your home updates would be to take out a low-rate personal loan. Since the duration of a personal loan is anywhere from 3 to 7 years, compared to a home equity loan which ranges from 20 to 30 years, you’ll end up paying way less in interest. Another alternative would be to apply for a 0% interest credit card to finance some of the smaller projects. Be wary, as it can be very easy to overspend when using a credit card. Set up automatic payments each month to chip away at the balance.
We’re not here to talk about a $40,000 kitchen remodel. Most people don’t have that kind of cash laying around. There are many inexpensive projects you can do around your home that will boost the financial worth of your home. Expect to spend around $300-$3,000 to complete some decent projects. Here are some great ideas for how to increase the value of your home at a smaller cost:
Give the Kitchen a Facelift
With a kitchen update, it can be very easy to get carried away. Before you know it, you blink and suddenly you’re $40,000 in the hole. While a full kitchen renovation is not going to be easy on your wallet, there are some small upgrades you can make to give your kitchen a facelift.
The kitchen is the heart of the house, and a house with a nice heart will generally sell faster than one with an outdated heart. One of the first things buyers tend to see when they step into your kitchen is the cabinets. While replacing the cabinets will run you a premium, there are several ways to give old cabinets some TLC and have them looking brand new. Hardware stores have kits ranging from $50-$100 that make it really easy to refinish your cabinets. After you re-paint or stain them, grab some new hardware and you instantly have a completely different feel to your kitchen.
Update the Bathroom
Just like a full kitchen remodel, a full bathroom reno can put a pretty big dent in your bank account. An updated bathroom can entice buyers and help sell your home quickly. A fresh coat of paint and some new accessories such as towels and other small décor items will improve the look and feel without costing a fortune. If you need to put in a little more work, changing out the vanity and toilet can be inexpensive options if you shop around at discount stores or the clearance section at your local Lowes or Home Depot.
Let There be Light
Outdated light fixtures can draw attention to certain parts of your house in a negative light. An easy way to add value to your home is to upgrade the main fixtures in your home. Like with many other home upgrades, you can easily get caught up in the excitement of redesign and end up choosing a $3,000 chandelier. However, if you shop around and browse online and in stores, these updates can only cost you a few hundred bucks. Much friendlier on the wallet.
Leave No Door Closed
If the doors in your home are in rough shape, replacing them is recommended. A new set of doors can run you a pretty penny, but if your current doors are salvageable, painting them would be sufficient. Replacing the door handles and a fresh coat of paint can give off a great first impression. If you can’t swing the cash to replace all of the doors in your home, a new front door can increase the overall value of your home since it’s the first thing that buyers see.
Freshen Up Curb Appeal
One of the most common mistakes sellers make is neglecting the curb appeal. Aside from the other improvements mentioned in this article, the outside of your house is going the be the first thing buyers see when they pull up to the property. With summer approaching, now would be a great time to shop around for new shrubbery and flowers. Simple things like mowing the lawn, raking leaves, and a few bags of fresh mulch can spruce up the appearance while staying within budget.
Making simple, inexpensive improvements to your home can reap some big rewards in the end. Investing a few hundred dollars can make the world of difference between selling your home quickly versus spending months on the market. What are your tips for home improvements on a budget?
This post is intended for informational purposes only and should not be taken as professional advice. The point of view and opinions expressed in this post are those of the author and do not necessarily reflect the position of Realty Executives International. This post was written for Realty Executives by Jamie Wharton. Jamie loves to write about personal finance and enjoys educating others on financial management. She has a goal of making budgeting fun for everyone and loves a good thriller novel while enjoying an iced coffee.