How to increase the value of your home on a budget
With the spring real estate market in full bloom, there’s never been a better time to list your property. But if you’ve lived in your home for many years, it may be in desperate need of some sprucing up. That’s where renovations come in. And luckily, spring is a great time to get some work done.
Renovations are a great way to boost the resale value of your home, when done in a smart way. Here are some frugal renovations you can do to increase the value of your home without spending big bucks.
Replacing the Front Door
When a potential buyer sees your home, it’s important to create a good first impression. What better way than by making an old front door look new again? This can be an inexpensive way to increase the value of your home. You may be able to get away with simply slapping a fresh coat of paint on your door. If your front door is beyond repair, replacing it is money well spent. For about $1,000, you can get a brand-new front door and make your home look like a million bucks, providing a great bang for your home renovation bucks.
Renovating Your Kitchen
The kitchen and bathroom are the two most popular rooms for most homeowners to renovate. While you can increase the value of your home by renovating the kitchen, you can also spend a lot of dough, and there’s also no guarantee you’ll get a 100 percent return on investment.
If you’re on a budget and don’t have mega bucks to spend, there are simple, inexpensive things you can do to improve the look and feel of your kitchen. One of those is re-facing your kitchen cabinets. If your kitchen is in otherwise good shape, re-facing your cabinets can go a long way. Scott McGillivray from HGTV’s Income Property is a big fan of this renovation.
Other ways you can spruce up your kitchen include installing new linoleum flooring, backsplash and countertops. These are the perfect DIY renovation projects to take on and save money with. If you’re not handy, big box retailers like the Home Depot offer courses on how to do them yourself.
Renovating Your Bathroom
The bathroom is a place that can significantly increase the value of your home, but unless you're careful, it can be expensive to upgrade. It’s all about spending your home renovation dollars wisely. Similar to your kitchen, look for what I like to call priority renovations – inexpensive cosmetic improvements that boost the resale value of your home without costing a fortune.
Fixtures is a great place to start. While you may be a fan of the “vintage” lime green vanities, potential buyers may not be. Why not replace them with modern fixtures? Not only will you help the environment by using less water, you’ll help boost the resale value with buyers. Another smart renovation is to replace the medicine cabinet in your bathroom. You can get a new one for under $200, and it can make a big difference to the appearance of the room.