How To Cheaply Add Value To A Home
Every homeowner wants to add value to their home. There are dozens of great ways to increase a homes value that can cost tens of thousands of dollars, such as a full kitchen remodel. The reality is that many homeowners don’t have tens of thousands of dollars laying around to complete such projects.
Just because a homeowner doesn’t have a lot of additional money, doesn’t mean that they cannot add value to their home. There are actually many cheap home improvement projects that can add value to a home.
It’s very important that as a homeowner is considering what project to complete that they aren’t actually lowering the value of their home. Yes, there are things that can lower the value of a home!
A $40,000 full kitchen remodel is obviously not a cheap way to add value to a home. So, what would a project to add value to a home on a budget be? Any home improvement project that costs between $500 – $3,000 should be considered budget friendly.
In this article find out the top 10 projects to add value to a home on a budget. The projects discussed below are great ways to add value to a home while not breaking the bank. Keep in mind, that certain projects will have varying impacts on the amount of added value to a home.
1.) Make The Kitchen Feel New
Above we discuss the complete kitchen remodel and how costly it can be to complete. There are dozens of Rochester NY luxury homes for sale that have $100,000+ kitchens! A full kitchen remodel is obviously not budget friendly, however, there are some really great ways to make a homes kitchen feel new again.
The kitchen is arguably the most important room in a home when it comes time to sell. A home with a nice kitchen will generally sell quicker than a home with an old and outdated kitchen.
One of the most important aspects of a homes kitchen are the cabinets. Replacing cabinets can be very expensive, however, there are several ways to give old cabinets a face lift and have them looking new. Take a trip to the local hardware store and you’ll be sure to find dozens of kitchen cabinet refinishing kits. These kits generally range anywhere from $50 – $100 and can make old cabinets feel new.
Another project to help make an old kitchen feel new is replacing the counters. Again, in a complete kitchen remodel it’s highly likely granite, quartz, or corian counters are installed, but this comes at a premium price. There are plenty of great formica counters on the market nowadays that can leave a kitchen feel new.
Updating flooring in a kitchen can be done on a budget and can also add value to a home. There are a lot of fantastic laminate and linoleum floors on the market that can be installed in a kitchen that can make a kitchen feel new.
Other budget friendly kitchen projects that add value to a home include updating hardware on cabinets, staging the kitchen, and upgrading appliances.
2.) Spruce Up The Bathrooms
The bathrooms in a home also provide an excellent opportunity for homeowners who’re looking to add value to their home on a budget. Similar to a full kitchen remodel, a full bathroom remodel can cost thousands of dollars which certainly wouldn’t be considered a budget friendly project.
Sprucing up the bathrooms will add value to a home and can be done on a budget. An excellent way to add value to a home is to replace the bathroom vanities, toilets, and fixtures. These projects can be done fairly inexpensively but really can spruce up a bathroom.
Many homes that were built in the 1940 – 1960 time period still have outdated tile surrounds, tile floors, and crazy colored bathtubs. Recently while selling a condo, I suggested to the owner they have the tile surround, tile floor, and tub painted to help spruce up their bathroom. This suggestion made a huge difference and didn’t cost the owner a lot of money.
If you have an outdated bathroom with tile surrounds, tile floor, and colored bathtubs, painting them can be done relatively cheaply and will add value to your home.
3.) Bust Out The Paint
One of the best ways to add value to a home on a budget is to freshly paint rooms inside of the home. Fresh paint can take a room from feeling old and outdated to updated, bright, and fresh.
The cost of paint will vary, but a gallon of paint typically ranges between $20-$40 depending on the type of paint. This means that for less than $50.00 and the hours spent freshly painting a room, you can add value to a home.
If you’re curious as to what paint colors are trending nowadays, check out these 2017 color trends for interior paint. In addition to these trending colors, sticking to neutral colors is suggested.
Even though a child may want their room painted neon green, it certainly will not appeal to the masses. One of the best tips for selling a home with kids is to neutralize room colors so that they appeal to the majority of potential buyers!
4.) Upgrade Lighting Fixtures
Lighting fixtures are often centerpieces to a room. In a dining room, the chandelier or light fixture is one of the first things that most people notice when entering a room.
An easy and inexpensive way to add value to a home is to upgrade the lighting fixtures. There are some lighting fixtures that can costs hundreds of dollars, but the majority of lighting fixtures cost between $50-75 and make a positive impact on a homes value.
There are dozens of finishes available for lighting fixtures. The most popular lighting fixture finishes are currently brushed nickle, chrome, and copper colored, so keep this in mind as you’re selecting lighting fixtures.
5.) Freshen Up The Curb Appeal
Many homeowners don’t realize that planting some new shrubs, plants, or trees can improve a homes value. One of the most common home selling mistake is not focusing on the homes curb appeal.
A homes curb appeal is often what provides the first impression for a potential buyer, so freshening it up can definitely lead to a more profitable sale.
As we’re approaching the summer season, now is a fantastic time to start preparing your projects for freshening up your curb appeal. There are lots of great resources available which provide excellent summer curb appeal tips that can provide a few projects to consider when freshening up the curb appeal of a home.
6.) Improve The Energy Efficiency
One of the top features today’s home buyers look for in a home is great energy efficiency. Improving a homes energy efficiency is a great way to add value and can be done on a budget.
One of the first steps to improving a homes energy efficiency is to consider having an evaluation completed. In most cities, you’ll find companies who provide complimentary energy efficiency consultations.
These companies will evaluate a homes insulation, HVAC systems, window efficiency, and other factors that impact the efficiency of the home. Installing a new high efficiency furnace and air conditioning unit certainly wouldn’t be considered budget friendly, but there are other projects that can be completed to improve energy efficiency.
An inexpensive way to improve a homes energy efficiency is to install a programmable thermostat that can be adjusted remotely via a smartphone, tablet, or computer. These thermostats, which are considered a smart home technology product, cost anywhere from $200-$500, but can save significant money over time on utility bills.
The huge impact that smart home technology has had on real estate shouldn’t be underestimated. Smart home technology equipped homes are receiving higher sale prices than similar homes that aren’t equipped with the technologies.
7.) Install Molding
One improvement project that’s often overlooked as an opportunity to add value to a home is installing molding. Taking a room with no molding or very basic molding and installing crown molding can really transform a room and add value to a home.
Installing molding is actually a pretty easy project to complete, even for someone who isn’t handy. Depending on the size of a room, installing crown molding can be done for around $250-300.
When selling a luxury home or newer constructed home, it’s highly likely the moldings will be upgraded. If you’re looking for a project to complete to add value to your home while keeping your wallet in mind, consider upgrading the molding in your home.
8.) Replace or Painting Doors
Replacing or painting doors is another excellent way to add value to a home. If the doors in a home are in rough shape, replacing the doors is recommended but if they’re salvageable and in good condition, freshly painting maybe sufficient.
Replacing a door is certainly more expensive than painting, but a quality door can be purchased for $500.00 or less. A brand new or freshly painted door is another excellent way to make a great first impression with a potential home buyer as it’s often one of the first things they’ll be noticing.
9.) Refinish Hardwood Flooring
The largest percentage of home buyers currently are millennials. The majority of millennials desire hardwood floors in a home, so another great improvement project to add value to a home is refinishing hardwoods.
The cost to refinish hardwood floors varies depending on the amount of flooring being refinished and also the condition of the floors. Before refinishing hardwood floors in your home, it’s suggested that you’re aware of the current hardwood flooring trends.
There are many options when it comes to refinishing hardwood floors in a home. There are many choices of stain colors, finish colors, and layout trends, so make sure to explore all the options to ensure you’re refinishing your floors with a popular and current trend.
10.) Maximize Storage Space
An extremely common reason why a potential home buyer doesn’t pursue a property is because it lacks storage space. Maximizing storage space is a great project for adding value to a home and can be done cheaply.
For example, if your home has a closet with only a couple shelves, installing a shelving unit will add value to your home. There are tons of great shelving units available at most hardware stores and range between $50-$300 depending on the unit.
If you’re looking to add value to a home with a small budget, the above 10 projects typically result in a nice return on investment. It’s important to recognize when looking to add value to a home on a budget that the return is unlikely to result in a $10,000 value increase on a home.
When completing projects around a home, the return on the investment is relative to the amount of money being spent. Completely remodeling a kitchen for $40,000 is going to add more value to a home than spending $3,000 to spruce up the kitchen, so keep expectations in mind when deciding which projects to complete.
Other Home Improvement & Maintenance Resources
- Tasks To Complete After Closing On A House
- What To Know When Adding Solar To A Home via Bill Gassett
- Home Improvement Projects To Avoid For Resale
- Easy Home Improvement Projects via Anita Clark
If you’re considering a home improvement project to add value to your home in Rochester NY, the above 10 are all typically great options. Keep in mind that these projects will vary in the amount of value that’s added to your home. If you’re unsure what a specific project will do to your homes value, contact me and I’d love to provide some advice and insight into the value that may or may not be added to your home!
About the authors: The above article “Top 10 Projects To Add Value To A Home On A Budget” was written by Kyle Hiscock of the Hiscock Sold Team at RE/MAX Realty Group. With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise.
We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.
© 2017, Kyle Hiscock. All rights reserved.