Summer is sill here but before you know it, Fall will arrive — a great time of year for a home improvement project. And, if you’re looking for upgrades that really pay off, you don’t have to go for the full renovation with a hefty price tag. Instead, there’s plenty of projects that are affordable. Whether you’re looking to put your house on the market or add value to your home sweet home, here’s 5 of the most affordable home improvements you can make, to help boost your home’s value:
1. Focus on the Kitchen. A complete kitchen renovation isn’t always necessary when you’re looking for a sizable return on investment. If your kitchen has good bones, work with what you already have and add a few upgrades. Updated kitchens provide the highest return when considering home projects. Assuming your kitchen cabinets are in fairly good condition, there are a few updates that provide a big impact that don’t require renovation and can be incorporated fairly easily into your existing space.
Tip: Looking for a bigger project that can still be worked into a smaller budget? Consider painting or refacing your cabinets, changing out the flooring, upgrading appliances or opting for new countertops.
2. Refinish Hardwood Floors. Breathe new life into your existing hardwood floors by resurfacing them or installing new hardwoods in your home to see an average ROI around 70% to 80%. With a variety of stain colors, your hardwood floors can be timeless or trendy. Whether you choose to turn this into a do-it-yourself (DIY) project or hand it over to the professionals, skip the wall-to-wall carpet and opt for hardwoods instead.
3. Create Functional Spaces. From creating a mudroom, a home office, or adding much needed storage solutions, turning unused or underused spaces in your home into new functional spaces will make your life easier and be appealing to potential buyers.
Tip: When making these changes, be sure not to steal the spotlight from another room. Instead, add useful spaces to your home. You don’t want to transform the only closet on your second floor into a small home office. Instead, find inspiration by using wasted space and giving it a new purpose by adding shelves for storage.
4. Finish an Attic or Basement. While these projects will take up more of your budget, if the attic and basement of your home are unfinished, you can personalize the spaces and transform them into bedrooms, home office, or an additional living room. Not only are you adding livable space to your home, but you’ll see a return on investment for these new rooms.
5. Update the Bathroom. If you can’t commit to a full demolition in your bathrooms — there are still plenty of places to work your home improvement magic for a big return. Starting with replacing the tub, toilet and the sink or vanity. Even replacing the showerhead will make bath time more pleasant and add more value to your home.
If you’re now thinking about your next home improvement project, NIHFCU is here to help. Check out our home equity loans and our home improvement loans — they might just help to get you the funds you need for a great Fall project!
Resources:
Forbes
