Yahoo Finance 30 Budget-Friendly Renovations That Add Value to Your Home
Everyone wants to turn their house into their dream home, or at least make small updates here and there, but that’s often easier said than done. Whether you’re upgrading your space or gearing up to sell, renovating your home is a big undertaking and financial decision.
U.S. homeowners spend $500 billion each year in total on home improvements and repairs, according to a report from the Joint Center for Housing Studies of Harvard University.
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That said, completing home remodeling and improvement projects can add a lot more value to your house, make it more attractive to potential buyers — should you put it on the market — and allow you to enjoy your home more.
To truly boost your entire home’s value, consider a couple of these upgrades.
Don’t Underestimate the Kitchen Remodel
Average Cost: Including appliances, the average kitchen remodel costs homeowners about $26,790. Smaller revamps — like a combo of painting, refinishing the fixtures and adding a backsplash — range between $10,000 and $15,000.
Kitchen upgrades perceived as “modern” can bump your home’s sale price by 3% to 7%, according to Consumer Reports.
No matter what kitchen renovations you choose to make, though, do your research before signing on the dotted line.
“Consult with real estate brokers and architects in the area that you live,” said Sidney Torres, host of CNBC’s “The Deed.” “Go see the past work of the contractors before committing to one.”
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Choose Classic Hardwood
Average Cost: Anywhere from $14,000 to $50,000 for a 2-000 square foot home, or about $1,881 for a hardwood refinish
It’s a fact of life that people love the warmth, durability and timeless style hardwood floors add to a space — that goes for both buyers and home dwellers. And as a bonus, a new wood floor can add up to 2.5% to the sale price of a home, according to Realtor.com.
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Bedeck Your Yard
Average Cost: A 12 foot x 12 foot deck can cost anywhere between $3,600 and $7,200. You can spend up to $20,000 for a 20 foot x 20 foot deck.
The beauty of a deck is that it increases your living space without adding any walls to your house. To keep things on a budget, shoot for under 500 square feet — that’s plenty of space for your new grill and all the outdoor furniture you could want.
Give the Master Bath a Boost
Average Cost: The average bathroom remodel costs about $12,054, but depending on the materials, it can be as low as $6,634.
For a typically small space, there’s a whole lot of remodeling to be done in the bathroom. Go big with a full remodel of your master bathroom, including new fixtures, tub, flooring, cabinets, countertops and lighting, or trim your budget by just focusing on a few essentials.
Give Your Windows a New Outlook
Average Cost: Spend up to $300 for professional cleaning, or go all out with a new window installation for about $467 to $1,333 per window.
Foggy, out-of-fashion windows can hurt your home in numerous ways, from hampering your curb appeal to reducing the light that comes in and even dragging down your energy efficiency, maybe even letting in outside air. If you’re selling, keep in mind that young buyers especially value eco-friendliness — but just about everyone wants to let a little light in.
Freshen Up Your Exterior Paint
Average Cost: Heartier exterior paints exceed the cost of interior options, but not by much — the national average cost to paint a house ranges from $1,900 to $6,900.
Giving the exterior of your home a fresh look could make a world of difference. You just can’t beat the cost-effectiveness of exterior paint. Plus with paint, you really have unlimited options — if you can imagine a paint color, it exists.
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Be a Shut-In for Once
Average Cost: Spend about $285 to repair your existing shutters or about $729 per shutter for completely new wood shutters for your entire home.
When it comes to homes that catch our eyes and hearts, the devil is in the details. That’s where new shutters come in — for very little investment, you can upgrade your home’s overall exterior look. If you choose to add plantation shutters to your home, they will not only increase your home’s value, but they’re also energy-efficient.
Liven Up the Landscape
Average Cost: You can expect to spend anywhere from $3,000 to $15,950, depending on the size, to add brand-new landscaping to the home. Realtors suggest allocating 5% to 15% of the home’s value towards landscaping.
Landscaping is among the most effective home improvements you can do to generate the biggest return on your money. It creates curb appeal in spades and also can help prevent expensive potential damage, like fallen tree limbs and mold. Think of it as a safety net mixed with some green marketing that can increase your house’s value by up to 5%, according to Consumer Reports.
Gear Up the Garage
Average Cost: This upgrade runs around $2,500 for a full replacement.
The garage door probably isn’t the go-to improvement when you think about upping your curb appeal. However, replacing the often-neglected garage door can net you a nearly 194% return on investment, on average, according to Remodeling magazine’s 2024 Cost vs. Value report.
For those who don’t have garages, consider taking on a project like renovating other extensions of your home, such as a shed.
Install a Patio
Average Cost: Most homeowners drop an average of $3,923 for a patio installation.
Summer barbecues, evening wine tasting with the breeze in your hair and safe spaces for kids and family pets to roam are priceless. A patio comes at a price, but it’s not a frivolous expense by any means — consider this a mid-level investment for a return on personal happiness.
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Open Your Mind — and Your Floorplan
Average Cost: Surprisingly, labor costs for removing an interior wall — typically about a five-hour process — can cost up to $297, according to Homewyse. Account for up to $350 worth of debris disposal fees, though.
Creating openness is one of the most crucial things you can do to elevate your home — especially if you have a small space that you want to feel bigger. Consult a structural engineer first, then get rid of those pass-through walls and think about creating new nooks and flex rooms. This can boost your home’s value by up to 6%, according to Consumer Reports.
Amp Up the Kitchen Appliances
Average Cost: You’ve got lots of flexibility here — kitchen appliances range from about $200 to $3,000 each.
When approaching the kitchen remodel, never neglect appliances. The fridge and stove are what make the kitchen run — outdated versions of these can not only make the room feel old, but they can actually reduce the quality of your food, whether you’re storing or cooking it. Homebuyers are also looking for new appliances that they won’t have to replace in the next couple of years or months.
If a full-scale kitchen remodel isn’t quite in the budget, just refreshing the appliances can add plenty of value and efficiency.
Build in Some Shelves
Average Cost: You’ll likely pay around $2,700 for materials and labor on built-in cabinetry, entertainment nooks and bookcases, or you can drastically reduce costs by going the DIY route and spending about $150 or less on materials to install yourself.
Maybe it’s the tiny home craze, but there’s just something immensely satisfying about a space with lots of handy, built-in storage nooks. The good news is, homebuyers think so, too.
Remaster Your Bedroom
Average Cost: The national average bedroom remodel costs around $21,000.
The National Association of Realtors finds that a revamped master bedroom is one of the projects that make owners happiest and one the most critical rooms to stage when listing your place. While this space is a big home-selling factor, it often is a project people forget to prioritize during a home remodel.
Paint, trim, lighting, flooring and all-new storage solutions can improve your bedroom’s value as well as your comfort, so this remodel is worth considering.
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Revive the Driveway
Average Cost: To repair a driveway, you’re looking at around $1,900.
Assessing your driveway is one repair worth budgeting for. One, it’s a utilitarian feature that just about everyone uses to protect that other big investment — the car. Two, having a clean and updated driveway with no cracks improves your curb appeal and can protect your driveway from eroding, not to mention the unsightly look caused by weeds.
Upgrade the Guest Rooms
Average Cost: It’s between $10,000 to $20,000 to upgrade bedroom.
Though it makes sense to prioritize the master bedroom, including your home’s additional rooms in the remodel can lend the project a more complete feeling. These smaller spaces will need the same sorts of upgrades as the master bedroom — lighting, storage, flooring and so on — but they’ll cost a little less here.
Save on Floor Remodels
Average Cost: You can expect to spend anywhere from $2,400 to $6,000 to refinish hardwood floors in an entire home.
Spending money on new flooring delivers one of the best returns on your investment when it comes to home remodeling, so don’t be afraid to upgrade even if you can’t swing hardwood.
New carpet and versatile laminate are classic standbys, while newer options like cork or even uber-modern stained cement can help your place take a few steps closer to “dream house” status.
Spruce Up the Second Bathroom
Average Cost: Sticking to fixtures and cabinets on the affordable end of the spectrum can keep your bathroom remodel cost down, but a full remodel could cost $12,054.
Not every remodel has to be on a grand scale, especially when you have a budget to stick to. Smaller jobs like refreshing the caulk, ditching frosted glass for clear doors and updating fixtures can really tune up an extra bathroom — and that little bit of work could be all that your second bathroom needs for a new lease on life.
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Update Your Staircase
Average Cost: At a national average cost of anywhere from $250 to $690, including flooring and railings, this is a small project investment with a potentially big payoff.
If your staircase creaks every time you set foot on it, consider investing in a recovery effort. A creaky staircase could indicate loose steps or wobbly railings. If you don’t want to skimp on safety and want your staircase to look its best, consider updating it.
Make Over Your Front Door
Average Cost: $604-$920 for the door and the labor to install it.
If you’re renovating your home with the intent to sell, don’t underestimate the first impression your front door makes. According to many real estate experts, people often make up their minds in the first eight seconds of seeing a house.
Make an immediate statement with a new front door, or save big by sanding and painting the one you already have. If you pair this with a couple of other small projects, like upgrading lighting fixtures, your house can look refreshed in no time.
Reinvigorate Interior Doors, Too
Average Cost: Average door installation project ranges from $497 to $1,904.
Don’t forget to repair those creaky, non-lockable interior doors while you’re at it. You know, the ones that are warped from the heat or cold, sticking and swelling in their frames? They’re not directly exposed to the elements, so you’re more likely to be able to repair worn-out interior doors rather than replace them altogether.
Replace Your HVAC
Average Cost: Replacing your HVAC with no ductwork is estimated to cost between $5,324 to $10,676.
This is one home improvement project that will have you feeling the difference. Not only will your home feel better thanks to the heating, ventilation and air conditioning upgrade, but it will also be more energy efficient — which can save you money in the long run.
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Revitalize Your Roof
Average Cost: Installing a new roof costs around $11,500 for the average home.
Whether you’re playing catch out front or just cruising by, it’s pretty hard to miss a roof. Roof replacements typically recoup about 48% to 57% of the costs, depending on the material used, according to Remodeling magazine.
Refresh the Walls
Average Cost: You can paint a room for about $350 to $850, depending on the supplies and whether you hire someone.
Painting your interior walls is one of the smallest home improvement investments you can make, but it can still bump your home’s value by up to 3%, according to Consumer Reports. Painting is a perennial DIY project that really fills the space with your unique personality — though if you’re planning on selling, sticking with neutral colors is the safest bet.
Lighten Up
Average Cost: Installing recessed lighting costs anywhere between $100 to $500 per fixture.
Windows are only one half of the lighting equation. With options ranging from smart lighting to recessed lights to traditional lighting fixtures, you can overhaul your home’s lighting in many different ways.
Dim It Down
Average Cost: You’ll spend an average of about $147 per dimmer switch installation.
For a cozy vibe, consider installing a dimmer switch for those new lights. The good news is, you don’t have to do a full-on lighting refresh for this project — dimmer switches can be installed at any time, and the installation only takes a few hours.
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Take Back the Backyard
Average Cost: In terms of projects that add character, a backyard pond usually runs about $9,700. You can add a waterfall for as low as $500.
If you’ve already re-greened your front yard, think of what you can do to differentiate the backyard space. While the front yard has to have curb appeal, the backyard is more of a private sanctuary, so consider equipping it with features that are both comforting and distinct. Adding an improvement like a pathway adds functional value to your yard, as does any improvement work on a backyard fence.
Switch Out Your Light Plates
Average Cost: Depending on how fancy you go, you can nab six plates for $106 or a bit over $274 on average, including the costs of labor and supplies.
If you’re working with a smaller budget, here’s a great, budget-friendly fix: Swap out your tired light switch plates. Designer plates — from warm wood to sleek stainless steel — can match your paint trim or lend an entirely new vibe to the room.
Create a Gateway to the Outside
Average Cost: It will cost you about $2,756 to install the sliding glass.
Welcome more light and get easy access to your backyard by installing a sliding glass door in place of a wall. Opting for some glass between you and your yard — rather than brick, for example — makes your space feel airier and might just encourage you to get a little more sun.
Expand Altogether
Average Cost: As a rule of thumb, budget for $125 to $250 per new square foot.
If your home renovation plans take on a grander design — for example, if you decide you want to include more rooms for your growing family — expanding the space altogether is a viable option. In terms of return on investment, expanding the square footage of your home packs the biggest punch.
Martin Dasko and Gabrielle Olya contributed to the reporting for this article.
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This article originally appeared on GOBankingRates.com: 30 Budget-Friendly Renovations That Add Value to Your Home
