Are you looking to sell your home in the near future? If so, you may be wondering what kind of renovations you can do to increase its value. Many people think that they need to spend a lot of money on upgrades in order to see a return on their investment, but if you’re willing to spend now in order to increase the return later, then the spending can be well worth it. In fact, there are several home renovations that you can do for under $5,000 that will help increase the value of your home when it comes time to sell.
Outdoor Upgrades
The curb appeal of a home is a key factor in making sure that, when it’s time to sell your home, you gain the necessary traction to become a sought-after seller. Often, people will make a decision about whether or not they want to buy your home before they even step foot inside. This is why it’s important to make sure that the outside of your home is just as inviting as the inside. Between Edward Scissorhands’ dilapidated mansion and the colorful, manicured town below, I think we all know where we would want to stay.
Repainting the exterior of your home is one great place to start if you’re looking to make your home look shiny and new for your potential buyers. Painting the exterior of your home can come with a varying price tag. The price can change based on the size of the house, the quality of the paint, and the who you choose to paint your home. Painting it yourself and turning the project into a DIY could save you a lot of money in order to do other projects around your home if you want. The average cost to professionally repaint a 2-story home in the US is somewhere around $3,000, but, if you opt to do it yourself, it can cost as low as $500. Another option when it comes to repainting it to just repaint your trim and your front door. Both of these smaller projects will absolutely lend to giving your home a fresh look.
Another project to freshen up the look of your home is to replace your garage door. Your garage door is a big part of your home’s exterior and if it’s old or broken, it could be an eyesore or just become a total inconvenience. You can get a beautiful garage door in the $2500 range depending on the garage door you choose and the cost of installation, which would leave you with a whole lot of money to spare on other home improvement projects.
One major selling point on houses are outdoor patio spaces. By extending your living space into a well-done patio area, your could vastly increase the worth of your home. This project can be completed in a number of ways, from adding outdoor lighting, to redoing porch flooring, or even creating an enclosed outdoor space with a new ceiling fan for even more increased comfort. There are countless ways to up your outdoor area game that will have people fighting over your home when it comes time for you to sell. The best part about this kind of renovation is that you can cater entirely to your budget and really turn your yard into a wonderful space.
Redoing and improving upon existing landscaping is another way to increase your curb appeal and add value to your home. If your home is currently lacking in bushes, trees, or other greenery, adding them could be a key selling point to future homeowners. According to Realtor.com, “homes with great landscaping can sell for as much as 28% more than expected.” This number should definitely not be ignored if you’re looking to get top dollar for your home. The cost of this project will obviously be based on the size and scope of the landscaping you want to do, but it’s definitely a project that can be done for less than $5000.
Indoor Upgrades
Replace old flooring like laminate or carpeting with hardwood floors is another option for home owners who are looking to upgrade their home while on a budget. Sometimes just a small area refinish can go a long way – of course depending on the size of your home. If this is the only project you have in mind to enhance the value of your home, then it is entirely feasible with a budget of $5,000.
One renovation option that seems less obvious would be creating built-in Bookshelves in living or office spaces. This is absolutely a selling point for a home, as it adds a great focal point in a living space. Built-in shelves or cabinets cost, on average, $2,300 with custom design and installation reaching up to about $5,000. A built-in bookcase is a great finishing touch on a home, and this project, with a little creativity, can be done within a $5,000 budget while still leaving room for more projects.
Kitchen appliance upgrades are a great place to spend your money when looking to update your home to sell. While a complete kitchen remodel would be out of budget, creating a more efficient and accessible kitchen with new appliances can make a major impact on the overall look and feel of the kitchen space. Some luxury models can be pricey and out of budget, but midrange kitchen appliances such as a new refrigerator, cabinet doors, dishwasher and microwave can fall under a total of $5,000.
Bathroom upgrades are another way to spend your home improvement budget. A new bathroom sink, countertop, toilet and bathtub can really change the look of a bathroom and make it feel brand new. As with kitchen appliances, luxury materials will cost more but there are still plenty of ways to upgrade a bathroom without breaking the bank. New tile, vanities, toilets and bathtubs can all be purchased for less than $5000.
While a home renovation project is never going to be free, there are definitely ways to complete projects that will add value to your home without breaking the bank. With a little creativity and ingenuity, any one of these five projects can easily be completed for under $5000. So if you’re looking to add value to your home without spending a fortune, consider one of these five projects. You (and your wallet) will be glad you did.
