Updating a home is an incredibly exciting experience but can be overwhelming if your funds are limited and you must choose only a few projects. If you do not have a budget to completely overhaul your home, stay tuned for the home makeover projects that have the greatest impact, for the lowest dollar amount.
Four Home Renovation Projects That Give You the Most Bang for Your Buck
- New Countertops
Any realtor or home design expert will tell you that the most important selling feature in a home is the bathrooms and kitchen. It’s greatest decision factor that perspective home buyers look for while house shopping. If your kitchen or bathroom is super outdated but a complete bathroom or kitchen remodel just isn’t in the budget, replacing the countertops with nice marble, granite, or natural stone countertops has an incredible impact on the space at a fraction of the cost. After switching out the countertops, consider a few minor and inexpensive updates, such as light fixtures, cabinet knobs, and a coat of paint. And suddenly, voila! Your drab kitchen or bathroom is suddenly fab!
Flooring is another relatively small home update that can literally be the single reason a perspective home buyer puts a bid in on your home. If you have dingy carpet, or faded laminate in your home, it makes the entire space feel run down. Replacing it with a warm hardwood or a sleek tile gives the entire interior an instant face-lift.
Not only are flooring services less of a budget killer than many other home projects that have less impact, they also are great for adding equity to your home. Your home’s value is based on a variety of factors, but the only valuation that really matters when you are selling a home is what a perspective buyer is willing to pay. According to surveys conducted by the home design website, Houzz, more than half of home shoppers will pay more for a house that has nice wood floor.
- Adding a Bathroom
We already talked about the value of bathroom remodeling in the first point. If you have a few extra feet in your home’s layout (and we mean just a few… bathrooms do not have to be large to be great), adding a bathroom is a great idea. Adding a bathroom gives you the chance to convert space that was once going to waste into a functional room. If you are considering home renovations with the plan to sell, you can’t beat adding a bathroom. Turning a standard three bedroom, two bathroom home into a luxurious three bedroom, three bathroom home makes it incredibly attractive to home buyers. The upfront costs of a project like this are relatively low, and in most cases, you can recover nearly 90% of it when you sell.
- Kitchen Remodeling
Let’s talk about the most common home update in the remodeling world: kitchen updates. Almost 70% of home contractor’s work is updates to kitchens. It makes sense; the kitchen is arguably the most functional space in the home. As humans, we must eat constantly, and as Americans, we love to eat. Having a beautiful kitchen to make the food we eat is the hope and dream of every home owner. If you have the budget to do so, treat yourself to a new beautiful kitchen. It will make you love your home, always.
If your home reno investment is simply to make your home sellable, we recommend taking the value of your home into account when you decide you budget. For example, if homes in your area sell for $200 thousand, investing $100 thousand in a new kitchen might not be a wise financial choice. It is unlikely you’ll suddenly be able to sell your home for $300 thousand to get your money back. Most home design gurus suggest creating a kitchen renovation budget of no more than 25% of the home’s value, to get the greatest return on your investment. Unless you love cooking and dream of having a gourmet kitchen; in which case, treat yo’self!
Do you have any suggestions for great home updates? We want to hear about it in the comment section below!