Jasmine Birtles
Your money-making expert. Financial journalist, TV and radio personality.
Maximizing Your Home Value Through Renovations On A Budget
Moneymagpie Team
6th Nov 2024
It’s important to make changes that give you the best bang for your buck to maximize your home value when you’re renovating and on a budget. Whether energy efficiency, new paint, improving your home’s curb appeal, or making minor changes to add usable square footage, prioritizing these products will cut the time it takes to sell your home once it’s on the market.
Whether you’re a first-time homeowner who doesn’t have the budget to do a full renovation or you’re just looking to sell your property for the highest possible price, making small changes can add long-lasting value to a home. Your goal is to get the biggest return on investment with the least amount of money and time.
Create a Renovation Plan
A plan allows you to keep your budget in mind and craft a plan for executing these projects. First, consider why you’re renovating. Next, decide if you’re renovating to sell your home or for yourself. This will affect your budget as you must consider agent fees, the value of your new home, and moving costs if you’re planning on moving. Likely, if you’re renovating to sell, your budget will be smaller than if you’re renovating for yourself to live in the new space before selling.
A home inspector is a great resource to help you create this plan. They can help determine which repairs may be needed, whether to your roof or to your HVAC, electrical, or plumbing systems. These hidden problems can impact your home’s value, so addressing those first will help prevent costly future repairs before putting your home on the market.
Cost-Effective Home Improvement Project Ideas
Here are some ideas for affordable home improvement projects to do on a budget.
- Paint: Perhaps the simplest improvement is new paint. Fresh paint helps make your room look updated and clean, which adds value. When selecting paint colors, consider neutrals that appeal to more people and make your home more desirable. Also, many homebuyers don’t want to have to paint right away if they don’t have to.
- Low-Maintenance Landscaping: Adding a few hanging baskets or small shrubs native to your region makes your home more appealing from the exterior.
- Invest In Your Water: A water filtration system in your kitchen is inexpensive but is a daily luxury that many homebuyers may be interested in having in their new home.
- Enhance Home Air Quality: Test your indoor air quality to see if improvements need to be made. This is especially true in older homes with older carpets. Environmentally-friendly products like laminate or tile floors are much easier to clean and don’t hold odors. They also help give a home an updated look.
- Add Energy-Efficient Systems: Mini splits are efficient AC systems that are ductless and reduce energy losses. They are great for both heating and cooling, depending on your needs and where you live.
- Accessorize: While we don’t always think of accessories in a home, a beautiful decorative fan gives us light and, in the warmer months, keeps our home cool too. Replacing old, loud, or outdated fixtures makes your home look more appealing to those viewing it.
Key Areas to Focus on When Renovating
Here are some main areas to focus on when you’re beginning to renovate:
- Kitchen: Update cabinet hardware, paint, replace countertops with budget-friendly materials, or change out light fixtures
- Bathroom: Update vanity with new hardware on cabinets or drawers, replace outdated fixtures, or upgrade flooring
- Home Exterior: Landscaping, updated lighting, fresh paint, or powerwash
- Outdoor Living Spaces: The landscape and layout of your backyard, such as new patio furniture, lawn maintenance, or a new sprinkler system, can go a long way.
Strategize The Best Renovations For Your Next Home Project
When you’re considering which home projects to begin, prioritize things that will have the biggest impact. New hardware or paint can significantly change how a room and a home, as a whole, will look. Energy efficiency upgrades like replacing old windows or adding insulation in cold weather places are also a great project idea.
Researching local market trends to learn about what buyers in your areas are prioritizing renovations with the most appeal and impact. A real estate agent or home contractor can give you expert advice on the best renovations for your budget. By taking the necessary time to plan accordingly, you can get the highest ROI, which is ideal when you’re investing money in anything, but especially your home.
Disclaimer: MoneyMagpie is not a licensed financial advisor and therefore information found here including opinions, commentary, suggestions or strategies are for informational, entertainment or educational purposes only. This should not be considered as financial advice. Anyone thinking of investing should conduct their own due diligence.
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