3. Add a Backsplash to Your Kitchen
Are you a homeowner that is tempted to cash in on the current real estate market? Although the historically hot market and low housing inventory will carry its own weight in bolstering a high price for your home, there are always further steps you can take to increase the value of your home. In this article, I will go over five simple home improvements you can make for under $500.
1. Repaint the Interior
Whether you are an investor or simply a primary homeowner, arguably the easiest home improvements you can make is to repaint the interior. If you have a room that has old paint chipping away, markings on the wall from your children, or maybe just in need of a light touch-up, then this simple home improvement could be very beneficial. It is important to note that the price of painting the interior of your home will vary based on the size and number of rooms you choose to paint. To gauge the size of your project, 1 gallon of paint will cover 350-450 square feet of surface area on average. In addition, it is typical to need 2-3 gallons for each bedroom to be safe. To get exact measurements, you can use this calculator to find your specific needs.
2. Resurface Cabinets
As many people may know, remodeling your kitchen has the potential to drastically increase a home’s resale value. However, we all know that not all kitchens are in need of a full remodel. If this is the case for you, then you can simply resurface your kitchen cabinets by adding a fresh layer of paint. This will give it a look that will revamp the entire space. Although a minor improvement, this small project will provide the illusion of an entirely updated kitchen with just a little work and money spent! For an added bonus, you can replace the cabinet hardware as well.
3. Add a Backsplash to Your Kitchen
The next improvement I recommend is adding a backsplash behind your kitchen sink. Not only will it improve the visual appeal of your kitchen, it will also protect your walls from water damage. On average, you can expect to pay $300-$400 per 16 square feet of tile for a backsplash. This task may require a little extra labor, but it will be well worth the results. Contrary to popular belief, a minor renovation on your kitchen actually has the potential to give you a better return on your investment than an upscale kitchen renovation.
To get a general idea of how those numbers break down, Remodeling’s 2021 Cost vs. Value Report found an average return from a minor kitchen remodel to be 77.6%. On the other hand, the average return from an upscale kitchen model was found to be just 53.9%. While you may not be completing a full renovation, you should still expect this improvement to increase your home’s value.
4. Update Light Fixtures
Updating the light fixtures in your home, is another great way to increase the property’s value for under $500. Oftentimes, builders’ grade fixtures that are in place from the construction or last update to the property can provide large opportunities for home improvement. You can truly shape the atmosphere of the room by updating the fixtures and replacing the light bulbs. If you want to be creative, you can experiment with different shades and warmths in each room, and adjust them to your liking. Additionally, you can replace the switches on the walls with dimming switches to add an extra level of customization. This may be especially beneficial to a landlord with rental properties, as different tenants may prefer different lightings.
5. Enhance Curb Appeal
Lastly, you can make small exterior improvements and do some light landscaping to enhance your home’s overall curb appeal. What is curb appeal? It’s the general ‘attractiveness’ your home has to a prospective buyer as they see it from the curb, or sidewalk. When selling your home, first impressions are huge to prospective buyers. If you are able to impress potential buyers with the general look of your home without even stepping inside, you will be sure to leave a lasting impression on all those who come across it. There are plenty of simple landscaping and exterior projects you can do to upgrade the curb appeal of your home. In fact, I am confident that there is at least one thing that can be done to every house to enhance its look, if you search hard enough.
Some basic exterior improvements consist of:
- Replacing new house address numbers
- Adding outdoor seating
- Replacing your mailbox
- Improving the porch lighting
- Repainting your front door
- Doing a quick pressure wash
- Remove any tree stumps or materials in the yard
For landscaping projects, you can:
- Plant a tree
- Add flower boxes to your windows
- Lay down a fresh bed of mulch
- Clean up your home’s walkways
- Trim any overgrown bushes
Increasing the curb appeal of a home and its overall look has a direct correlation to the homes value. Ultimately, the amount of work you do comes down to the current condition of your home and your willingness to get your hands dirty.
Best of Luck on Your Simple Home Improvements!
Whether you are a seasoned real estate investor or a primary homeowner, there is almost always something you can do to improve your property’s value. Sometimes you may need to go all-in on a renovation project to recoup the most money possible. All in all, I hope this article has shed light on the simple things that will still do the trick.
If you are interested in other ways to create value from your home, check out this blog on House Hacking!
If you are someone looking to make improvements on your home, or maybe you are debating whether it would be worth it or not, the Northstate Equity team would be more than happy to offer assistance on your project. As a Realtor and an investor, I am constantly talking with homeowners about the potential routes they can take with their property to get the most out of their money. If you would like to reach out, please contact me here!
