Want to make a big difference in your property value without a large upfront cost? Here are some great options.
When it comes to adding property value to your home, you’ve probably already gone through the basic upgrades and renovations that are frequently recommended. New flooring, new roof, updated landscaping: All of these can have positive effects on your property value, but they are also expensive projects that can have a negative effect on your bottom line. And whether you’re flipping a house or just improving home value, return on investment is key.
Here are some smaller projects, all for $5,000 or less, that can help improve your property value without breaking the bank.
1. Modernize the bathroom
We all know that the bathroom, or any room with utilities, is a great place to do some upgrading when you want to add value. If your bath features an old, outdated tub/shower combo, it may be a good time to replace it with a modern fixture like a glass or tiled shower stall or a jetted tub. For an average-sized bathroom, you’ll spend between $2,800 and $4,700 updating this feature. With bathroom renovations regularly recouping 80% to 90% of their costs in home value, this simple update could easily add an extra $3,500 to $4,000 to the price of your home. Other ideas for the bathroom include new vinyl flooring, updated sink fixtures, and updated lighting. All of these together will run you less than a few thousand dollars and can help rack up another $2,000 to $5,000 on your home’s total price.
2. Invest in a small-scale kitchen remodel
The kitchen is just like the bathroom: full of fixtures that can make your house look like a million bucks. The kitchen is where a buyer inspects closely, and they’ll be able to tell if you skimped here. If new appliances aren’t in the budget, or if you’ve already upgraded those, consider stone countertops, which would run somewhere around $4,500 for an average-sized kitchen. Natural materials are often key selling points of a home, especially in the kitchen, and these minor kitchen upgrades frequently have a return on investment of up to 85%. By spending $4,000 here, you could add another $3,200 to your overall house price, and it may make the difference between a sale and a miss. Bonus: You’ll get to enjoy them in the meantime!
3. Replace your entry door
Buying a new front door is one of the best inexpensive upgrades you can make, because it has a nearly 100% return on investment. Spend a little extra on a custom, hand-carved door that will run you around $3,000, and you can tack $3,000 onto the price of your home. Additionally, the first impression to potential buyers makes every part of the house feel richer and fills the house with character that buyers are looking for.
4. Add a wooden deck
If you have an extra outdoor space, adding a small wooden deck is a great way to bump up the value of your property. Wooden decks can be installed for as little as $1,000, especially if you are handy and can do all or part of the installation yourself. The most expensive small decks are around $8,300, so it would be easy to get a great deck made of excellent material for $5,000. A few extra features like a higher privacy fence and a low-maintenance finish will mean that you could add another $4,000 to the property value.
With just a few small renovations, you can see how your property value can shoot up very quickly. While you won’t recoup 100% of your investment with every renovation, being smart about where you put your money can help add to the bigger picture, all of which can be helpful when it’s time to sell.