The goal of any renovation is to add value, whether it’s in the materials and finishes going into the home, improvements to structure and/or mechanics, or physical comfort for the homeowner.
Value comes from two places: how much enjoyment you get out of the new structure, and how much resale value it adds to your home. Even if one of these items won’t give you the financial return you thought it might – if it’s something you’ll use and love for years to come – well, that’s value too.
It’s the question many of you might be asking yourselves as you plan ahead and start thinking about new home renovations and repair jobs that will give you a good return on investment. If you’re thinking about renovating your home but you don’t know if you can afford to do it right, talk to financial professionals and lenders that can give you the right financing options for your renovation and your budget.
The truth is, you can’t afford to do a renovation wrong—it costs more in the end, every single time, no exception.
Some payment options to consider are borrowing against your home equity, using credit cards to pay for the costs or use your own savings.
They say first impressions are everything, and the first thing a home buyer will see, face-to-face, when they visit your home is your front door. It’s a big contributor to your overall curb appeal, so often people might give it a bit of an upgrade, maybe a new coat of paint, when they’re selling their home.
I personally love installing smart locks in every project. They add convenience, safety and value to the home.
COST:I love theSchlage Encode WiFi Deadbolt. Smart technology is one of the ways to increase your home’s value. It also makes your home appear modern. You can get a smart lock for around $400 from your local retailer. Good news is, you can install it yourself.
Look at your property. Does it look shabby? Unsafe? Does the exterior of your home look like it needs some TLC?
Take care of entrances, including the garage and any side doors. Make sure entryways are safe, strong and secure—that also means properly lit. Make any repairs to walkways, steps, the driveway, as well as your home’s exterior. And don’t forget to clean up the yard.
You may also want to consider hiring a landscape designer to improve your curb appeal. Think about what you want your landscaping to do for you. Here are some questions to consider:
You could take on your own landscape projects – but I’d proceed carefully. What you don’t want to do is mess up the grading around your property. Water is meant to flow away from your home, and even a seemingly small project, like adding a new garden, can have unforeseen effects on how your yard handles water.
COST: The cost of improving your curb appeal varies greatly. Small fixes to the walkway and driveway will cost you about $40-$50 if you purchase a DIY repair kit. Love the product lineSikahas for small repair jobs that homeowners can tackle themselves.
A little lawn care will go a long way. You also want to impress the potential buyers as soon as they walk up to your house. Maintain a well kept, tidy lawn. Elaborate designs or stones likely won’t add value to your home.
COST: You are looking at about $20 for one bag of fertilizer, and about $100 for gardening tools, weed control tools and gardening gloves.
If it’s just an upgrade—if all you’re doing is replacing the tub, the toilet and sink and adding a fresh coat of paint—you won’t need any permits. But even small changes like replacing old caulking, changing the towel racks, storage and hardware can help modernize your bathroom.
COST: A small bathroom upgrade will cost you anywhere from $100-$1500 depending on whether you are replacing your tub, toilet, sink and faucet or all of these items.
Kitchens are now a multipurpose room where families cook and gather. Lighting plays a role in setting the mood for this space. Energy efficient and smart lights are a value-added feature and will increase energy savings, which will be attractive to a potential buyer.
I also recommend installing lights on a dimmer so you can easily change up the ambiance.
Your kitchen needs three types of lighting: general, accent, and task. General lighting provides overall lighting so you can safely navigate the kitchen. Accent lighting adds visual interest to the room – highlighting specific focal points. Task lighting provides enough brightness to perform specific chores, like cooking. If you’re upgrading your kitchen lighting, make sure you’ve got all three.
COST: If you are installing pendant lighting, you can buy the fixture for $100-$300. Some fixtures can even cost you thousands of dollars, depending on the style. LED smart light bulbs will cost you around $400 for a 4 pack with a hub.
If a full kitchen renovation is not in your budget, you can have your cabinets resurfaced, as long as they are in good condition. Even minor kitchen renovations will yield around an 80% ROI.
I wouldn’t recommend installing new cabinets yourself. Even the best quality cabinets can look like garbage if they aren’t properly installed.
COST: For a 10-foot-by-12-foot kitchen, you are looking at about $7,000-$9,000 for a high quality wood veneer, which includes materials and professional installation.
Staying on top of maintenance today eliminates problems down the road should you decide to sell. This includes tasks such as changing your furnace filter, checking for mold and testing your smoke alarms.
If you do find the need to do small repairs around the house, Sika has an impressive line of products that are great for DIYers, sold at local retailers.
I am talking about your door hardware, your kitchen cabinets and your bathroom vanity hardware. It’s an inexpensive job, and most homeowners can do it themselves. These small upgrades can make your house look modern.
COST: If you want to change the hardware on a few doors in the house, you are looking at about $20-$50 for an interior door lever handle.
If you are capable of taking on the painting yourself, this is an easy way to spruce up the inside of your home. A fresh coat of paint instantly transforms your space.
COST: A gallon of paint will cost you between $25-$50 and covers 350 square feet for one coat of paint. For paint accessories and tools, you are looking at another $100-$200.
Replacing an old garage door will improve your curb appeal. It’s one of the first things people will see when they walk up to your house.
COST: On average, a new garage door will cost you about $2,500. A garage door opener ranges between $400-500. According to Bank Rate, you will recoup 97.5% of the cost when you decide to resell.
Tankless water heaters heat only the water you need as you need it. Not only will they save you money now, but they’re an eco-friendly and cost-effective update that today’s homebuyers are looking for.
COST: A tankless water heater will cost you about $3,500-$4,500 supplied and installed.
Ready to tackle some bigger home renovation jobs? Remember that the two rooms that benefit most from even small renovations are the kitchen and bathroom. Read my article on bigger renovation projects to increase the value of your home.