House values may have taken a dive, but homeowners are still shelling out dough for home remodeling, according to the National Association of Home Builders. The group says the most common projects are in the higher price range – major home additions and alterations worth more than $25,000, such as replacing siding or adding a new deck. These are the projects that add real value to your home, and consequently, more value for resale.
Of course, most people don’t have $25k to spend on a home project, or anything else for that matter, but if you only have $1,000, there are ways to upgrade your pad and get bang for your buck. Below is a list of items you should invest in to see the best returns.
- A Killer Kitchen
- Bump Up Your Bathrooms
- Eye-Catching Curb Appeal
You’ll hear it time and again – what homebuyers are looking for is a nice kitchen and a nice bathroom. And according to the National Association of Realtors, the kitchen is the single most important room for most prospective home buyers. Kitchens can be expensive – it just depends how crazy you want to get decking it out. But for just $1,000 you can add some significant “wow”. Here are some simple renovations you can do:
Refacing or refinishing your cabinets – You can replace your cabinet doors and get a whole new cabinet look without all the demolition. You could also refinish wood cabinets by stripping the old paint or varnish and applying new. Project cost – a couple of hundred dollars.
Countertops – Change your counters to a nice granite or formica for between $40 and $60 a square foot. Check out discount suppliers for sales and look for remnants. Stainless steel can also be affordable, and can add a contemporary look to your space.
Paint – The cheapest way to re-do any room is to paint. The average gallon of paint is about $25 (but if you want to be health-conscious, low or no VOC paint is closer to the $40/gallon range). It should cost you about $100 to paint an average-sized kitchen. You can do-it-yourself, or if you hire a contractor – many can get you a discount on paint through their supplier.
Appliances – Switch to energy-efficient appliances and upgrade your kitchen’s appearance. Bonus: savings on your monthly utility bill.
The Little Things – Small changes like cabinet knobs and drawer handles, or even faucets are cheap, and can make a big splash.
Bathrooms are second only to kitchens in adding value to your home. A re-vamped bath can give you an 80-90% return on your investment. And there are a bunch of cheap things you can do to remodel a restroom and boost your home’s value:
Tile, Tile, Tile – Ceramic tile is popular and can be found for as little as $1- $2 per square foot. Tiling yourself can be a slight learning curve, but it can be done. Otherwise, you could find an independent contractor on Angie’s List or Craigslist. Just be sure to check references.
Sink Solutions – Like in the kitchen, changing out countertops or hardware can go a long way. The vanity is named that way for a reason! Be sure yours stands out and looks pretty with new granite or marble, unique sinks, upgraded faucets, or freshly painted cabinets. New counters can be done for around $500, and along with small pieces you can easily come in under $1000.
You never get a second chance to make a first impression, so when a potential buyer walks up to your home, he/she better like what they see. Oft-neglected, but easily remedied, curb appeal can get you major bang for your buck.
Deck It Out – Building a wood deck in the backyard extends your home’s outdoor living space. Supplies will cost under $1000, and if you’re handy, your costs end there. But if construction isn’t your expertise, you may have to spend a bit more to hire someone who knows what they’re doing.
Make A Grand Entrance – You can’t go wrong with greenery. Buyers are enchanted by attractive plants, flowers, and garden furniture such as wooden benches, chairs or patio tables. Mood lighting and other homey additions will cost you only a few hundred dollars, and set the stage for a sell.
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Great tips! We are actually in the process of deciding on what renovations to do! We bought our house in Nov 09, and it needs some major work! Thanks for the great info!
~ Elizabeth
http://www.elizabethjmiller.wordpress.com