Chances are, you’ve spent more time than ever at home in the past year. This has likely caused you to zero in on home improvements you’d like to make.
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This has become increasingly common, as the average homeowner completed 2.77 renovation projects in 2020, compared with 2.2 projects in 2019, according to the HomeAdvisor 2020 State of Home Spending report. Total spending for these projects was $8,305, meaning each had an average cost of just under $3,000.
Whether you’re interested in renovating your home to make it more stylish and comfortable for your family or want to spruce it up before putting it on the market, doing so doesn’t have to cost a fortune. Sure, you can invest in upgrades like a full kitchen or bathroom remodel, but there are plenty of budget-friendly projects that will also add value.
Your home is your sanctuary, so it should be a place you’re proud of, where you enjoy spending — lots of — time. Here’s a look at seven easy home renovations for $5,000 or less that double as good investments.
Garage Door Replacement
More than just a way to get in and out of your house, your garage door is a big part of your home’s exterior. If it’s outdated or broken, it’s likely an eyesore, inconvenient or both.
The average cost to replace a garage door is $3,907, according to the Remodeling magazine 2021 Cost vs. Value report. This project comes with a resale value of $3,663, allowing you to recoup 93.8% of your expenses.
Clearly, a garage door replacement is an upgrade that almost entirely pays itself back, so this one is definitely worth doing.
Entry Door Replacement
Your front door is the gateway to your home, so it doesn’t go unnoticed by any visitor. A door that’s seen better days, a style that has become obsolete or something that doesn’t appear secure can be both a bad look and unsafe.
A steel entry door replacement costs an average of $2,082, according to Remodeling Magazine. You can expect to recoup 65% of the costs, which equates to $1,353.
If a fiberglass door is more your style, plan to spend around $2,700, according to the National Association of REALTORS’ 2019 Remodeling Impact Report. You should be able to recover approximately $2,000, which is 74% of your expenses.
Your home is your sanctuary, so the temperature inside should always meet your comfort level. However, if you’re often too hot or too cold — despite having the right number on the thermostat — you might need to redo your insulation.
Expect to spend around $2,400 on this project, according to the NARI. If you’re planning to sell your home in the near future, you should be able to recoup $2,000 — or 83% of costs.
This update can also allow you to save money on your heating and cooling costs, so it will keep paying itself back.
New Wood Flooring
More than just the surface you walk on, the flooring in your home really makes a statement. If your current floors are less than impressive, installing new wood flooring can make a world of difference.
The average cost for this upgrade is $4,700, according to the NARI. If you’re planning to put your home on the market, expect to recover around $5,000, which is 106% of your costs.
Since this remodeling project will more than pay itself back, it’s clearly a great investment.
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Hardwood Flooring Refinish
If your current hardwood floors are in good shape, but just need a little refresh, consider refinishing them. Removing scratches and giving the wood a new coat of polish will change the look and feel of your home.
You can expect to spend $2,600 to refinish your hardwood floors, according to NARI. You’ll likely recover 100% of your investment, making this a seriously cost-effective project.
Additionally, 27% of realtors have recommended sellers complete this project before listing their home, according to the NARI. If putting your home on the market is your end goal, this will get your home ready for potential buyers.
If hardwood isn’t your thing — at least not an entire house covered in it — consider giving your shabby carpet an update. This will almost definitely increase your home’s chic factor, while simultaneously making the space more comfortable.
A carpet installation ranges in price from $789-$2,792 — with an average of $1,759 — according to HomeAdvisor. According to the home improvement site, this upgrade won’t necessarily affect resale value, but if you’re planning to list your home, old carpet will not impress buyers.
An easy way to change the look of a room — or several — a new paint job can be completed in no time at all. Most projects average $3.50 per square foot, or $200-$1,000 for a single room, according to HomeAdvisor.
If you’re planning to list your home soon, you’ll want to choose paint colors that appeal to a broad range of buyers. For example, painting your living room walls pinkish taupe and your bathroom periwinkle blue will likely increase your sale price, according to the Zillow Paint Colors Analysis.
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