Whether you want to increase your home’s resale value or you want to upgrade for your personal benefit, home renovations are one of the best ways to accomplish both of those goals. Here are five relatively affordable home renovations that you can either DIY or hire a professional to do for you. These popular renovations will increase the value of your home about as much as it costs to do the renovations themselves, so you will earn your money back if/when you decide to sell your home.
If you built your house yourself and were on a budget, you probably did not buy the highest quality doors and windows for your home. Now that you do have some money to spare, upgrading these aspects of your home will greatly increase the value. You can replace your entryway door for about $1,200, and interior doors for about $200 a door. You can modify the outside of your home by replacing your standard windows with modern wood windows (average cost $12,000), which will dramatically increase your curb appeal.
If you don’t want to remodel your entire house, you and always add an additional room to give you and your family some more space. This remodel can cost between $25,000 and $50,000, but if you are adding a sunroom or extra bedroom, you can see an increase in home value of 72-100% of what you spent on the addition. Not to mention, the expanded living area for you and your family will be priceless.
Most people who build a basement in their homes never get around to finishing it, which is unfortunate. Turning your basement into a sophisticated extension of your home costs an average of $65,000, and you can see a home value increase of about $45,000. You can turn it into anything you want: movie room, game room, man cave, home bar, or anything else, and it will make your house significantly more appealing to potential buyers.
Kitchen Cabinet Refinishing
If your home was built in the 80s or 90s, you likely have the honey oak cabinets in your kitchen that have gone out of style. Dark wood or bold white cabinets are the newest trend that take your kitchen to the next level, and this is a project that you can easily complete yourself for about $500-$1000. This project is significantly cheaper than replacing your cabinets, so you may have money leftover to replace your countertops with granite or marble.
Wood Deck Addition
Adding a wood deck to your home can dramatically increase the value of your home (average $8,500). If you hire a professional to do the labor for you, the cost of the deck will be about $10,000, but if you choose to buy the wood and construct it yourself, you can cut that number in half or more. A wood deck is particularly appealing if you have an above ground pool and decide to wrap the deck around it, making it a faux in-ground pool.