Not all renovations are created equal but there are a handful of Housing Renovations that will deliver a lot of return and are $5,000 or less to complete. Now don’t expect 400% returns, but you will do your best at getting your money back and then some. With the housing market starting to show constant appreciation in home values, now is a good time to invest in some housing renovations that will help you fetch top dollar for your home if you are looking to sell this year. Would we all like to add new landscaping, a pool, a new roof, or a kitchen gut? Sure, but these are projects that will break your bank account if you don’t have thousands of dollars sitting around for renovations.
If you are typically handy when it comes to housing renovations, this might be the project for you to tackle. If you have a backyard that could use some inviting space that is attractive to potential homebuyers this might be just the thing. For a moderately sized deck you are looking to pay $7,000-$8,000 with installation. However, you can save your money and spend $4,000 or so on material and install the deck yourself with the help of a few friends. With this type of housing renovation, don’t expect to recoup 100% of the investment, but you should be able to get 70%-80% of your expense back in terms of house appreciation.
If there is a few places to spend money on housing renovations that homebuyers will immediately look at, it is the bathroom and updating the bathroom is just the thing. If you have 5-10+ year old fixtures, it might be time to spruce it up with modern fixtures, new glass for your shower enclosure, new tile in your shower, or even a new jetted tub. For these features you are looking to spend $4,500-$5,000 total and should see a return of near 90% in appreciation to your house. If you don’t even have this much money to spend, you can always just update the sink and light fixtures. These you can normally do yourself and not have to spend more than $2,000. It may be minimal but even these housing renovations can go a long way in the eyes of the homebuyer.
The title of these housing renovations may be misleading as you obviously can’t renovate your entire kitchen for under $5,000 but there are projects you can upgrade that makes a big difference. As with the previous bathroom renovation, you can always invest in new sink and lighting fixtures which will give that extra “pop.” Other projects in this price range would be getting all new matching appliances. If you have newer appliances, you can always look to upgrade your countertops into a natural stone which is all the rage right now. By doing these housing renovations you are looking to get back at least 85% of your investment in housing appreciation.
As you can see there are many housing renovations that you can complete for under $5,000 where you will get good bang for your buck and see significant housing appreciation. You don’t need to break the bank to do some of these renovations, just plan to what you can afford and go from there. Invest in smart renovations that will return value.