These small home improvement projects offer big returns on investment

June 20, 2020

Update your home strategically to get strong returns when you sell, while also improving the look and feel of your living space.

 

If you want to upgrade your home, you should first find out whether your planned projects are really worth their expense. Even small home improvement jobs, many of which require minimal labor, can have a positive impact on the value of your home.

Plus, it’s important to consider that the more projects you can tackle around your home without hiring a contractor, the more money you can save.

The eight small home improvement projects below could provide you with big returns on your investments. 

 

1. Replace kitchen fixtures

According to data reported by HomeAdvisor users, the average cost of a kitchen remodel is around $22,000. But much smaller touches can also dramatically increase the appeal of your kitchen. Upgrading the appliances, changing out the cabinet hardware, replacing the sink or adding in an upscale backsplash can all be effective. Many big box stores have low-cost, on-trend options for these quick kitchen switch-outs.

 

2. Paint interior rooms

Repainting the walls and ceilings of interior rooms could cost as little as $25 but bring in a solid return on investment. It’s a project you can easily complete on your own, which saves money. The right color can revitalize the space, photograph better and bring in more offers if you’re planning to sell. If that’s the case, Houzz recommends neutral colors like beige or gray.

 

3. Make over the bathroom

Since the bathroom is often a priority for buyers, a makeover can transform the space and encourage a sale. Examples of minor upgrades in the bathroom can include re-caulking the tub surround, giving the tub a new coat of glaze, replacing the sink, or updating all the fixtures so that they match. Like the kitchen, big box retailers have affordable options for these upgrades.

 

4. Increase curb appeal

“Curb appeal” can have an effect on a buyer’s initial reaction to a property, and it can make or break that first impression. Increase the appeal of your home, whether you’re planning to sell or not, by laying sod to reinvigorate the front lawn, trimming overgrown hedges, cleaning the driveway, clearing any pathways and installing exterior lighting. Get more ideas to improve the exterior of your home.

 

5. Maximize garage storage space

Ample garage storage is an important feature for potential buyers. Clear out the garage to showcase its size, and empty or organize interior closets. If possible, add in shelving units or additional rods to maximize storage space in existing areas.

 

6. Clean carpets

Old, dirty or matted carpet can be a detriment to a home sale. Professional carpet cleaning services cost as little as $100, which can easily be recouped. Old or worn rugs may need to be replaced entirely.

 

7. Inspect plumbing and electrical systems

Many potential buyers are concerned about buying a hidden fixer-upper or a home that needs a lot of plumbing or electrical work after purchase. Pass any future home inspections by hiring both a plumber and an electrician to check existing systems and handle any minor repairs — a pre-market inspection can save you money in the long run.

 

8. Upgrade the front door

The National Association of the Remodeling Industry reports that installing a new front door improves the energy efficiency and livability of a house. At an average cost of $2,000, the estimated return on investment (ROI) could be as much as 75 percent. You may find more cost-efficient door options at your local home improvement store. If replacing the door itself isn’t necessary, a fresh coat of paint or new hardware can help create a positive first impression.

 

Ready to start a home improvement project just like this? See if a home equity loan or line of credit can help fund it.

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