When you think of home improvements, you usually think of kitchen and bath projects. A major kitchen upgrade can cost you around $40,000 and a bath renovation over $15,000! Instead, consider some of these inexpensive ways to increase your home’s value, but not break the bank.
New doors, new face
Give your home a facelift with a new front door and a new garage door for for less than $2,500 total. These improvements will freshen the look of your home and you’re likely to recoup 90% of the cost at resale. If you have a Homeowners Association (HOA), check in advance to make sure the changes you want to make meet the guidelines. Otherwise you could really be out a lot of money after your HOA fines you and directs you to replace the replacement door!
Give your yard a makeover
According to the American Society of Landscape Architects, new landscaping can add over 15% to the value of your home. Set a budget of about 5% of your home’s value. Visit a few local nurseries to buy and plant some new trees, shrubs or other landscape features. Add fresh sod, or reseed and install flagstone or pavers for new walkways or a patio to finish it up. You can save money by doing some or all of the work yourself.
Upgrade the front of your house
Adding manufactured stone veneer to a portion of your street-facing façade can be a dramatic upgrade. In addition to the beauty it adds to a home, manufactured stone facades maintain their look for decades. A recent Remodeling Magazine survey says you can expect to see most of your costs come back to you at resale.
Add a deck
A new deck can make outside entertaining your new pastime. A standard wood deck could cost you less than you think to install. A deck is a lifestyle enhancement that may make your home more attractive to buyers at resale. You can expect to recoup close to 80% of your costs later for a deck addition.
Insulate your attic
Installing new insulation can pay for itself in two ways: a return of up to 98% of your investment at resale, as well as improved heating and cooling costs while you live in the home. If you have a crawl space, consider replacing insulation there too.
If you plan to use a licensed professional for your project, ask family and friends for referrals. Make sure you research reviews and ratings about the contractor. Then contact several contractors to get at least three estimates for the project. Make your choice based on references, your comfort level with the contractor, as well as price.
If you don’t have the cash on hand to pay for your upgrades, consider applying for a low-interest home improvement loan. This line of credit allows you to borrow against the value, or equity, built up in your home to cover the cost of major projects.
The advice provided is for informational purposes only. Contact a financial advisor for additional guidance.
HELOCs are subject to approval, are available for properties located in NC, SC, GA or VA, and are not available for manufactured homes.