Homeowners are often shocked to discover that home renovations have a low return on investment. Typically, the ROI is several thousand dollars less than the money and time they originally put into the project. Granted, there are exceptions to this rule now and then, but that’s rare. The ROI is often only higher than the initial investment when a home meets the demand for specific renovations within the local real estate ecosystem. But renovations completed for the joy of living in a nicer, more luxurious home often give a different and better type of ROI—enjoying the fruits of labor. So skip path the expensive and time consuming options like a modest kitchen remodel, which take up to a month and cost between $12,000 and $25,000. Instead, try taking on a few smaller improvements to make the home a better overall package.
Adding a new coat of paint to the inside and outside of a house is one of the simplest and cheapest renovations that instantly provide fairly dramatic results, particularly if the current paint job is faded or cracking. The costs of painting the exterior can range from $2,000, for a small home, up to $7,500 for a larger one, and typical cost for painting the interior of a home averages between $3,000 and $6,000. It’s recommended to hire a professional painter because there really isn’t anything that looks worse than a sloppy paint job. Remember to also look at new cabinets at Lowes when you’re planning to repaint the interior. Keeping the two colors complimentary will improve the whole experience.
Become a Lean, Mean Green Machine
Unfortunately the cost of electricity in the U.S. is exponentially increasing, and that means gradually higher utility bills for people who are stuck relying entirely on the local power company. However, there are several possible eco-friendly steps to help lower electricity usage. “In the last four to five years, there’s been a growing demand for green housing,” said Tom Ferstl, a commercial and residential real estate appraiser at Ferstl Valuation Services in Little Rock, Ark., in an MSN Money article. “Making your home more energy-efficient is a plus — anything that helps keep heat in during the colder months and out during the warmer months will help.”
The article also recommends that a few of the most effective changes are small and fairly cheap, such as adding storm doors to the entrance or a ceiling fan in each room for sweltering summer days; on the other hand, there are several large and expensive renovations options, like installing triple-paned windows and adding solar panels to the roof or backyard.
Walk on Something Nice
Carpet is often more of a pain than it’s worth. The material stains easily and can be hard to clean; it causes carpet burns and binds itself to pet hair until the end of time. Overall, it’s simply a tacky option to blanket a home with when laminate wood and tile have become so cheap. Within one afternoon and spending roughly between $300 and $500 at a local home improvement store, the master bedroom can become immediately more desirable with a smooth wood floor. It looks much nicer, feels better and is easier to maintain.
Happy Yard Makes a Happy Home
Sprucing up the inside of a home is only beneficial when you’re inside. How does your home look on the outside? Is it looking dapper with the new paint job, or a bit unkempt and an eye sore. Take some time and eliminate your unkempt lawn with disheveled bushes, loosely strewn leaves and cracked, tacky lawn ornaments. Trim the grass, rake the leaves and sculpt the bushes. Remember that presentation is everything.