Home renovation is an excellent way to improve curb appeal and value. However, it’s important to plan adequately for affordable renovations and prioritize projects that offer a high return on investment (ROI). The top 10 affordable renovations that will increase the value of your home significantly include the following.
1. Kitchen Updates
Investing in a kitchen remodel is a great way to increase the value of your home and make it more enjoyable to live in. Homeowners have a number of low-cost alternatives to choose from when doing renovations on a budget. Repainting or refinishing kitchen cabinets gives your kitchen a brand-new look with modern or traditional hues. On the other hand, custom fabrication of knobs and handles offers an instant facelift without breaking the bank.
A new backsplash may improve the aesthetics of your kitchen and provide functional benefits by shielding your walls from splatters and splashes. Furthermore, modernizing the room’s lighting might infuse it with new air. Quartz, granite, and laminate countertops are all great options for people with more money to spend on changing the look of their kitchen.
The average return on investment (ROI) for a simple kitchen redesign, such as cabinet refacing, new appliances, and upgraded worktops, is between 80% and 90%. It is essential to remember that a home’s location, condition, and current market circumstances also play a role in determining its worth. A more precise assessment of the possible return on investment for a particular place and circumstance can be obtained by consultation with real estate planners.
2. Bathroom Remodel
Bathroom remodeling is the process of updating and modifying bathroom fixtures, layout, and general design to increase its usefulness, attractiveness, and comfort. It can entail everything from a fresh coat of paint to a complete overhaul of the area, including plumbing, electrical, tiling, lighting, and sometimes even structural alterations by a demolition company. A well-executed bathroom redesign increases your house’s value and makes daily life more convenient and comfortable.
A prospective buyer will always pay special attention to the bathrooms when looking at a house. A bathroom that is both up-to-date and well-maintained may increase a home’s resale value significantly, while the opposite is true for a bathroom that is either outdated or neglected. Renovating a bathroom with a contract manufacturer to look nice sends a message to potential buyers that the remainder of the house has been given the same level of attention.
Improving the bathroom’s aesthetic may be as simple as replacing outdated equipment like the sink faucet, the showerhead, and the towel rack. The tiles in your bathroom also need to be regrouted to improve the aesthetics, hygiene, and resistance to water damage and mold development. Concrete restoration services improve the overall appeal and functionality of your bathroom.
The mood of a bathroom room is significantly improved by installing dimmers and/or energy-saving LED lights. In addition to a new coat of paint, changing worn-out hardware and installing attractive yet inexpensive storage options are all great ways to spruce up your bathroom without breaking the bank.
3. Creating a Practical Floor Plan
The ratio of livable square footage to total square footage has a major impact on the market value of a home. However, the practicality of the layout is what matters when it comes to comfort. The Chicago real estate market has noticed a rising trend in which purchasers are becoming increasingly uninterested in homes with impractical floor plans. Modern buyers are less willing to sacrifice convenience and practicality, making outdated features like small bathrooms and separate kitchens less appealing.
Real estate experts now recommend that homeowners reassess and adjust floor plans to increase their home’s appearance and market value. Consider elements that significantly enhance the home’s utility for modern life. The bathrooms should be spacious, the kitchen should be open to the rest of the house, and there should be enough counter space for cooking.
Finishing the basement when adding square footage isn’t an option. This will increase the home’s usable space and its resale value. Adding flooring, drywall, and other finishing touches can turn this underutilized space into a highly marketable ‘specialty room’ that appeals to the preferences of over 60% of prospective purchasers. The possibility for a return on investment of 70% or more makes such a makeover very appealing to homeowners.
If expanding the home’s square footage is impossible, try to convert the unused areas into workable spaces. For example, an affordable renovation for most homeowners is converting a spare bedroom or office into a guest suite. Alternatively, you can turn a stale living room into a multipurpose flex area.
4. Building a Home Office
A home office or fitness area is in high demand, and if you don’t spend much time in the kitchen, you may put that space to better use. Converting a walk-in pantry or closet into a home office is one clever option.
The National Association of Home Builders (NAHB) reports that most people looking for a home office or fitness room would prefer a space at least 100 square feet in size. Experts, however, argue that the value of a dedicated home office is greater than its square footage. Think of a condo with a large walk-in pantry and private office on the same floor. This setup provides a quiet place to work during the day’s chaos, with the bonus of opening the door when necessary.
Homeowners have found other clever ways to use scarce utilities besides the pantry makeover. Some people, for instance, convert a double closet into a functional office by removing the garment racks and replacing them with a desk and adjustable storage. This transformation is ideal for use in guest bedrooms or a nursery or toddler’s room, where a compact dresser or closet can house the child’s clothing.
Oil delivery companies ensure a steady supply of heating oil to homes and businesses, especially during colder months. Their reliable services provide comfort and convenience to in-home offices. You will have a warm and cozy living environment that guarantees optimal productivity.
5. Improve the Outdoor Space
A recent poll of 2,000 households found that, on average, people spend 14 hours outdoors, three more hours per week than before the pandemic. Seven out of ten homeowners also reported that improving their homes’ exteriors had become a new interest, and a whopping 73% said they found spending time in nature to be therapeutic. Decorative stamped concrete contractors have seen a significant increase in demand as a result of these trends.
Since people spend more time outside, many have started working on their landscaping or hardscaping. Affordable renovations like building pools, decks, patios, and hot tubs have become increasingly desirable.
Installing a private pool is a smart financial move in warmer areas like Florida or California or in communities where many homes already have pools. The swimming pool can boost a home’s value by up to 7% in some areas. However, homeowners should consider whether a pool is appropriate for their neighborhood and potential customers. If you’re wondering whether installing a pool will increase the value of your home, it’s a good idea to consult with a real estate agent.
In the wake of the pandemic, an increasing number of homeowners have opted to construct brand-new decks. In 2020, 31% of homes, up from 25% in 2019, constructed a new deck, according to a report by Principia Consulting. Homeowners can regain 62% and 65% of their initial deck construction costs depending on the deck’s materials and size. The average cost to add a wood deck in 2022 is approximately $19,248, while a composite deck costs slightly more at $24,677.
Adding an in-ground hot tub has also become popular, giving a backyard the feel of a luxurious spa. The Midwest saw the greatest increase, from $1,890 to $3,899, contributing to the national 71% increase in the value of an in-ground hot tub. Installation costs of hot tubs for homes can range from $8,000 to $25,000, but homeowners should expect to regain around 42%. A freestanding hot tub is a good alternative to an in-ground hot tub for individuals who find the well drilling services costly. It adds little value to a home, yet it can fetch $2,000 or more from purchasers.
6. Add Fresh Paint
Applying a fresh coat of paint to an old structure is part of affordable renovations because it can completely transform the appearance and ambiance of a space, making it more attractive to potential buyers and increasing the property’s market value. Compared to other renovation options, it is cost-effective, providing a significant impact without straining the budget. The transformative power of paint lies in its ability to turn a dull and outdated room into a modern, stylish, and inviting space, and it can also cover up imperfections and stains, giving the impression of a well-maintained property.
For budget-conscious painting, homeowners can DIY smaller painting tasks or hire professionals for larger projects, balancing cost and quality. Proper surface preparation is essential to achieve a smooth and long-lasting finish. You must also invest in high-quality paint to save money in the long run by reducing the need for additional coats or touch-ups.
7. Basement Conversion
The value of your property can increase noticeably when you convert the basement into usable space. Adding usable space and increasing the property’s value can be accomplished by finishing the basement or other unused house parts. Compared to adding square footage to the house, the cost of finishing the basement usually results in a better return on investment. Energy efficiency and the interest of eco-minded consumers can be increased by properly insulating the basement.
There are a number of strategies that can be used to convert a basement on a tight budget. A basement may be transformed from dreary to delightful with the help of an open floor plan, budget-friendly flooring, a new coat of paint, and good lighting. DIY projects, recycling existing furniture, and making the most of natural light are all great ways to cut costs without sacrificing style.
The basement can be transformed into a practical and well-organized part of the house by planning for several uses of the space. Always check with the local building department to ensure the conversion is in accordance with their regulations, and don’t be afraid to hire a professional if you want the affordable renovations done right.
8. Enhanced Storage Solutions
In addition to increasing a home’s worth, installing additional storage spaces is a great way to make life more manageable. Homeowners can reduce clutter and simplify organization by installing shelves, organizers, and built-in storage. These affordable renovations not only make the house more comfortable to live in, but they also make it seem better.
Cost-effective solutions to improve storage without substantial renovations include optimizing closet space using organizers, repurposing unused areas, and purchasing multi-functional furniture. A home’s value and desirability are enhanced by additions such as a well-organized garage, outdoor storage options, and regular quality upkeep.
9. Updating the Hardware
Investing in new hardware for your property is a low-cost way to improve its value and curb appeal. Changing out things like doorknobs, handles, and faucets may make a huge difference. Choose a contemporary finish, such as brushed nickel or matte black, for a sophisticated appearance. The look can be improved by replacing light switches, drawer slides, and window hardware.
When replacing hardware while doing other affordable renovations, it’s crucial to maintain a sense of uniformity by selecting finishes and designs that work well together. Switch plates, outlet covers, and bathroom accessories may seem inconsequential, but they help to create a unified whole. You may save money and achieve a more modern style for your home by being thrifty and watching for sales and clearance items while you buy.
10. Improve the Plumbing System
One of the most effective and affordable renovations to increase a home’s value is to upgrade the plumbing. To conserve water and avoid costly structural damage, repairing any leaks or drips that may have appeared swiftly is essential. Fixtures and faucets that have earned the WaterSense designation are more aesthetically pleasing and efficient. Putting in low-flow urinals is a great way to save water without sacrificing convenience.
Efficiency in the water heating system can be improved by regularly servicing and insulating the water well, heater, and pipes. Tankless water heaters are widely used because of their efficiency and ability to provide hot water on demand. A water filtration system enhances the home’s marketability by enhancing the water’s flavor and reducing impurities. Water-related problems can be avoided and property value increased with well-maintained drainage systems and septic tanks. The well drilling services are crucial.
A sophisticated water monitoring system should be installed to detect leaks and track use. Solar water heating and rainwater harvesting systems are popular with eco-conscious homebuyers because of their positive impacts on the environment and the bottom line. Homeowners may improve their homes’ value, functioning, and environmental impact by focusing on these inexpensive plumbing upgrades.
In a nutshell, affordable renovations that can significantly increase the value of your home include kitchen updates (e.g., cabinet refacing, new countertops), bathroom remodels (e.g., regrouting tiles, installing new fixtures), creating a practical floor plan, finishing the basement, enhancing outdoor spaces (e.g., decks, hot tubs), adding fresh paint, improving storage solutions, updating hardware, and upgrading the plumbing system. Work with a real estate planning lawyer and get cost-effective projects that make your home more appealing to potential buyers.