Money’s tighter for everyone this year, with gas prices and inflation shrinking our monthly budgets. But that doesn’t mean all home renovations or improvement projects have to be put on hold.
There are plenty of micro-projects — and a few bigger ones — you can do that will add value to your home if you want to sell. If you’re staying put, you’ll enjoy your beautiful space knowing that it didn’t bust the budget or bring a return on investment.
For projects to add the most value, stay away from the ones that require big spending. The 35th annual Cost vs. Value report by Zonda estimates the cost of a minor kitchen remodel at $28,279 with an added value of only $20,125, or 71.2%. Adding a composite deck will cost an average of $24,677 but increase your property value by just $15,315, or 62.1%.
Garage Door Installation
If your garage door is worn and tired, consider replacing it. HomeLight estimates the average cost of a basic garage door is $1,200 but can add $2,797 in resale value. That’s a 133% return on your investment. If you intend to swap your garage door, you might experience a wait, however. The New York Times reported in February that supply-chain issues have led to a backlog on orders of some garage doors.
Everyone loves a front lawn that looks like a putting green instead of a patch of grass mixed in with some weeds. Homeowners who are experts with the mower but don’t exactly have green thumbs can turn to lawn-care services for fertilization at an average cost of $380, according to LawnStarter.com; the actual price is dependent on the size of your property. HomeLight says mowing and fertilizing can bring a return on investment of more than 500%.
Minor Bathroom Renovation
A bathroom remodel just might not be in your budget; and, even if it were, it might not be the best use of money. Zonda’s 2022 Cost vs. Value Report estimates the cost of a mid-range bath remodel at $27,164 — and it brings a return on investment of just 58.9%.
But that doesn’t mean you can’t make small changes to spruce up your bathroom space. How about changing the mirror, refinishing the cabinets, swapping the hardware and painting the walls? Zillow reports you’ll get back $1.71 in home value for every renovation dollar.
We tend to take mulch — that red, dark brown or black bark that coats our planters — for granted. But maybe we shouldn’t. HomeLight estimates the cost to have 3 cubic yards of mulch delivered and laid out at $275, with a return on investment of 536%.
Adding mulch and performing consistent lawn care can add about $4,500 to the value of your home, per HomeLight. As a bonus, if you plan to sell your property, it also sends a signal to prospective buyers that your home is well cared for and they’ll want to tour the inside.
Your kids might enjoy having hot pink or neon orange or bright blue walls in their bedrooms. But if you’re planning to sell your house, paint them a neutral color — white, tan or gray are recommended by Real Simple.
Plus, according to the magazine, you can increase your home’s value by 5%. Do the math. If your property currently is valued at $500,000, that could improve your sales price by $25,000. The cost to hire a pro ranges from $2 to $6 per square foot but could be half of that if you have painting skills and do it yourself, HomeLight reports.
If you see signs of faded or peeling paint on the exterior of your home, it’s time to pull out the paintbrush or hire a professional. It’s a big investment. The home-improvement website Fixr ballparks the price to paint a 1,500-square-foot home at $5,360, if you hire a professional. The good news? HomeLight says your home value will increase by bundles with a fresh coat of paint, estimating a 152% return on investment.
Exterior Stone Veneer
Improving a home’s exterior look is key to building value in your property. While adding exterior stone veneer to dazzle an otherwise dreary façade doesn’t guarantee a 100% return on investment, it comes pretty close. The average cost is $11,066, with a 91% return rate of $10,109, according to Zonda’s 2022 Cost vs. Value Report. Using it in conjunction with other exterior projects should bring a healthy return, however.
Whether you have a few hundred dollars or a few thousand to spend on home improvements this year, you’ll want to spend wisely and pick the ones that give you the most bang for the buck. It’s nice knowing that your investment should bring a return.
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