In today’s tight housing market and sluggish economy, renovating homes is more than crossing the next pet project off your list. Renovations can and should serve dual purposes, allowing you to spruce up your house’s interior or exterior while increasing resale value.
Following these five tips from industry experts allows homeowners to renovate their homes affordably and get a sizable return on their investment (ROI).
1. Minor kitchen renovations
The kitchen is the heart of the home, and that’s right where prospective buyers head the moment they open the front door. While an impressive kitchen won’t add to the resale value in the same way a significant renovation, such as adding an attic bedroom, will, having an out-of-date kitchen will significantly lower the home’s resale value. However, kitchen renovations don’t have to break the bank.
Homeowners often think a kitchen renovation means an expensive overhaul. Simple fixes such as refinishing cabinets or surfaces and upgrading appliances can give a kitchen the polished look buyers seek.
2. Hardware and painting
Update small items throughout the home to make it look consistent, attractive, and cared for.
Add new towel racks, replace a sink, paint the bathroom cabinets, and head to an antique store to source unique and inexpensive doorknobs. Even framing pictures and hanging them on a freshly painted wall will improve the first impression potential buyers will experience.
3. Maximize your lighting
Show off the new updates with elegant and strategically placed lighting. Choose track lighting to highlight wall features and inexpensive lamp lighting.
Try experimenting with year-round white Christmas lights and paper lanterns strung throughout the backyard or along a walkway for more creative flair—hunt for classic old lamps at yard sales for unique lighting options.
Consider experimenting with a few different bulb types. Use new energy-efficient incandescents for a soft yellow glow. They are perfect for that cozy, book-filled den. Try LED lighting beneath kitchen cabinets. These eco-friendly options look nice and save money.
Most buyers are looking for bright spaces full of natural light. Make sure to maximize window lighting by avoiding bulky and overly decorative curtains. Opt for curtains with lighter tones and slimmer designs that complement the style of the home and help create a welcoming feel.
The impact of a first impression is invaluable. A home’s exterior should be in prime form to sell, including the yard. Begin landscaping several years before selling the home. The earlier the yard is landscaped, the longer plants have to grow from seedlings to their beautiful adult forms.
Research regionally appropriate plants that require little maintenance. Once grown, keep the lawn mowed and the buds neatly pruned. Hiring a landscaper can be well worth the investment.
Little touches, from decorative stones to bird baths, make a big difference here. Remember to keep choices elegant and universally likable. Other suggestions include replacing exterior doors with rotted frames and power washing siding.
5. Adding storage
Buyers adore excessive storage space. Try expanding an old closet or simply adding shelves and drawers to a formerly spare porch. These additions are ideal for staging and make the room seem more livable to a buyer.
In conclusion, simple fixes such as a fresh coat of paint or a few good light bulbs are affordable upgrades that increase the resale value of a home. Renovating on a budget is a great way to inspire at home creatively.