8 Easy Projects That Add Value to Your Home
Need to make some much-needed updates to your home?
Need to make some much-needed updates to your home?
There's still time to tackle a few remodeling projects. Freshen up your home's appearance, while increasing its value at the same time.
Check out these eight simple home improvement projects that will pay you back. Each costs less than $500 and requires less than a day's work.
Replace Sinks & Faucets
Estimated Cost: $400 (sink), $150 (faucet)
For home buyers, "the kitchen is king," says Paul Cardis, chief executive of Avid Ratings, which conducts an annual survey of more than 20,000 first-time home buyers to determine design preferences. "For those looking to spruce up their house, the kitchen is the place."
You can replace a kitchen sink and faucet yourself in a matter of hours. Be sure to seek out low-flow faucet aerators that can reduce water usage by 30%. (Energy-efficient features, specifically, are a "must have" or are "really wanted" by 88% of home buyers these days.)
You can expect to recoup 70% to 80% of the cost of kitchen-remodeling work when you sell your home.
Add a Backsplash
Estimated Cost: $14 per 12-by-12-inch tile
The easiest way to add pizazz to your kitchen is with a new backsplash. You can go from country to modern in a snap with a variety of options for finishes and colors.
To save money, time and frustration, consider the peel-and-stick tile options now available. "They're aesthetically pleasing and will do the job if that's all you can afford," says Fredda Weisbard, a real estate agent at Coldwell Banker in Boca Raton, Fla. "It's an inexpensive Band-Aid for updating your kitchen."
The messier grout-and-tile approach will add $50-$100 more in related supply costs but will appeal more to prospective buyers.
Install Vanity Cabinets & Toilets
Estimated Cost: $200 (vanity), $250 (toilet)
Even relatively minor updates to your bathroom can produce a return on investment of 172%, according to HomeGain.com's 2009 Prepare-to-Sell survey of 1,000 real estate agents nationwide. Because toilets fit neatly over existing plumbing, they're fairly easy to install.
Look for modern water-saving models that will both save on your water bills and appeal to energy-conscious buyers when it's time to sell.
If you're feeling creative, save hundreds of dollars by using an old dresser as the foundation for a new vanity. Simply cut out room on the top to hold a basin sink and to connect pipes.
Paint a Room
Estimated Cost: $30 per gallon
It’s amazing what a fresh coat of paint will do to immediately transform any room in your house. Lighter shades generally make a room feel larger; neutral shades will appeal most to potential buyers.
"Buyers won't be able to look past [bold] colors and see the rest of your home," says Weisbard. You'll earn a 250% return on your investment in freshly painted interior walls, according to HomeGain.com's survey. Expect to pay a little more for higher quality and designer brands.
Be sure to test colors -- Home Depot sells 8-ounce sample cans of paint for $3 -- before buying the full batch of paint needed for the room. Limit costly mistakes and spills by splurging on drop cloths and painter's tape.
Install Crown Molding
Estimated Cost: $5 per linear foot
Crown molding in your home compared with none in a similar home in your neighborhood could make a difference when it's time to sell. "You may not get the money back, but it's a feature that most buyers appreciate when looking for a home," says Weisbard. "It's a wow-factor feature. It stays in buyers' minds."
Fair warning: Installing crown molding might be the trickiest task on our list. There’s a lot of geometry involved -- along with a nail gun and a miter saw. Follow the "measure thrice, cut once" rule to limit waste.
Get Organized
Estimated Cost: $20-$500
Improvements to a home's functional space can be just as valuable as ones that make a home look better. Potential buyers like to assess space and storage area for their belongings when evaluating new houses.
Focus your efforts on the garage, basement and closets, where you can declutter easily with clear storage bins or new shelving.
Replace the Front Door
Estimated Cost: $150-$500
As the first thing prospective buyers will see upon entering your home, a new front door will more than recoup your investment. You can expect a 129% ROI on a steel door, according to Remodeling magazine's 2009–10 "Cost vs. Value Report." (Fiberglass models, which can cost three times as much, recoup only 65% of their cost.)
Bonus: Buy a qualifying energy-efficient door and reap a tax credit of 30% of your cost (up to a maximum of $1,500 in 2009 and 2010 combined). But you may want to hire a professional for an air tight installation.
Landscaping
Estimated Cost: $300-$400
Before your visitors (and prospective buyers) even get to the door, they'll see the front yard. It's a critical first impression. "If the outside of your home isn’t appealing, then what does that say about the inside?" Weisbard says.
Even the most basic landscaping project can add $1,500 to $2,000 in value to your home, according to HomeGain.com's Prepare to Sell survey.
Go for plants that add color and complement your house, suggests Bruce Butterfield, market-research director of the National Gardening Association. Perennials require less maintenance and return each year. Butterfield likes "Endless Summer" hydrangeas, which will give you several months of blooms annually. They cost about $50 each when compared with $150 or more for a new tree, which will take much longer to mature.
More From Kiplinger
SLIDE SHOW: 10 Best Cities for the Next Decade
SLIDE SHOW: 10 Great Cities for Young Adults
SLIDE SHOW:5 Great Cities for Retirees
SLIDE SHOW: U.S. Cities With Highest Cost of Living
SLIDE SHOW: 10 Energy-Efficient Moves to Do in a Weekend
Get Kiplinger Today newsletter — free
Profit and prosper with the best of Kiplinger's advice on investing, taxes, retirement, personal finance and much more. Delivered daily. Enter your email in the box and click Sign Me Up.
Get Kiplinger Today newsletter — free
Profit and prosper with the best of Kiplinger's advice on investing, taxes, retirement, personal finance and much more. Delivered daily. Enter your email in the box and click Sign Me Up.
John Miley is a Senior Associate Editor at The Kiplinger Letter. He mainly covers technology, telecom and education, but will jump on other important business topics as needed. In his role, he provides timely forecasts about emerging technologies, business trends and government regulations. He also edits stories for the weekly publication and has written and edited e-mail newsletters.
He joined Kiplinger in August 2010 as a reporter for Kiplinger's Personal Finance magazine, where he wrote stories, fact-checked articles and researched investing data. After two years at the magazine, he moved to the Letter, where he has been for the last decade. He holds a BA from Bates College and a master’s degree in magazine journalism from Northwestern University, where he specialized in business reporting. An avid runner and a former decathlete, he has written about fitness and competed in triathlons.
-
Trump Picks Dr. Oz as Head of Medicare and Medicaid
President-elect Donald Trump picked Dr. Mehmet Oz to lead the Centers for Medicare and Medicaid Services. Here's what to know about the former TV host.
By Kathryn Pomroy Published
-
What's Next for MicroStrategy Stock as Bitcoin Nears $100K?
MicroStrategy stock is up more than fivefold in 2024 thanks to a furious rally in bitcoin. Here's what you need to know.
By Joey Solitro Published
-
The Best Places to Retire in New England
places to live Thinking about a move to New England for retirement? Here are the best places to land for quality of life, affordability and other criteria.
By Stacy Rapacon Last updated
-
What Does Medicare Not Cover? Seven Things You Should Know
Healthy Living on a Budget Medicare Part A and Part B leave gaps in your healthcare coverage. But Medicare Advantage has problems, too.
By Donna LeValley Last updated
-
Best Cold Weather Places to Retire
places to live Some like it hot; others not so much. Here are the 12 best places to retire if you can't stand the heat.
By Stacy Rapacon Last updated
-
The 10 Cheapest Countries to Visit
We find the 10 cheapest countries to visit around the world. Forget inflation woes, and set your sights on your next vacation.
By Quincy Williamson Last updated
-
15 Ways to Prepare Your Home for Winter
home Now that fall is officially here, it's time to prepare your home for cold weather.
By Donna LeValley Published
-
Six Steps to Get Lower Car Insurance Rates
insurance Shopping around for auto insurance may not be your idea of fun, but comparing prices for a new policy every few years — or even more often — can pay off big.
By Donna LeValley Published
-
How to Increase Credit Scores — Fast
How to increase credit scores quickly, starting with paying down your credit card debt.
By Lisa Gerstner Last updated
-
Hurricane Insurance Claims: 10 Things You Should Know
Becoming a Homeowner Hurricane damage? Know what’s covered, what isn’t and how to make the most of your policy if you need to file a claim.
By Kimberly Lankford Last updated