Now more than ever, American are spending time at home. Creating a comfortable living space to take zoom meetings, play with your kids and unwind with some Netflix can make or break your daily life. This “new normal” presents a great opportunity to tackle renovation projects you never had time for before.
But did you know that these revamps actually increase the value of your home as well? In fact, those enhancements can improve your day to day living right now and boost your home’s overall value in the future when you think about selling.
If you like the idea of adding both short and long-term value to your abode, then check out these 5 simple renovations that will instantly improve your home’s appeal. Spoiler: The best part is that most of the betterment projects are easy to do and relatively inexpensive.
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Tip #1: Install New Doors
Doors are a metaphor for change, advancement, and possibilities. They’re also one of the best places to start for in terms of renovations that offer good returns on your investment. Garage door replacements cost approximately $3500 and touts an enormous 97.5% return, making it a great start to your home revamp project.
Front doors are even less expensive (about half that price), but a new one will significantly enhance the curb appeal of your home. Studies show that you can get a 75% return on the costs for this upgrade almost immediately. And remember that the curb appeal (aka your home’s first impression) can likely make or break a deal before a buyer even walks through the door.
Tip #2: Organize & Declutter
This is a particularly good tip if you are getting ready to sell your home. One thing that automatically detracts from the overall beauty and value of your home is clutter and disorganization. When things are out of place, cramped, or messy it makes a poor impression. What’s more, parts of the home including shelves, drawers, and doors get overused and abused, decreasing their value considerably.
So one of the easiest and cheapest ways to boost your home’s value is to clean up shop. Get rid of clutter, clean off surfaces, and put things in their place. Replace burnt out lightbulbs, worn out window coverings, and other ratty homeware. In short, make your home sparkle and shine. It might take some elbow grease, but it’s one of the cheapest home improvement tricks you can pull.
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Tip #3: Get Larger Windows
After replacing your doors, upgrading your windows are some of the best ways to increase the value of your home. This project will run in the $10,000-$20,000 range, depending on several factors including how many windows, which type of windows, whether you want vinyl, wood, or composite, and what type of glass you pick out. But the return can be close to 75%, pushing the resale value way up. And what’s more, you can expect immediate returns on your energy savings as well.
Tip #4: Repaint
Peeling, flaking, and faded paint will add an automatic sag to the appearance, and as a result the value of your home. Luckily, this is one of the easiest ways to instantly add value too. A fresh coat of paint immediately picks up the color and light of a room. You can see the difference right away. So if you have any walls, doors, shelves, window ledges, or other surfaces with paint that is several years old, do yourself a favor and grab a brush.
You can always hire a professional to get a really great job done. Painters don’t charge that much, roughly $2-$6 per square foot. If you have the funds, this is the best option. Otherwise, a bucket of paint costs about $25. Throw on some coveralls, grab a friend, and put on some good music. You can have the job done in a day or so depending on how big your home is.
Tip #5: Landscape
The last easy renovation you can use to give your home’s value a face lift is adding some greenery. Low-maintenance landscaping, water-conservation plants, and a well-manicured lawn will enhance the look and feel of your home and make another great first impression.
Small Money, Huge Impact
Some of these home improvements will cost you no more than a few hundred dollars. Of course, if you’re considering some renovation projects that cost more than the cash you have available right now, you might consider taking out a cash-out refinance loan, personal loan, or home equity loan. This lets you borrow against the remainder of your mortgage, plus an additional sum that you walk away with in cash. That cash can be used for anything, including your home improvement project. Top lenders can help you find good rates for your mortgage refinance.
Quicken Loans is a mortgage lender and refinancer that specializes in helping homeowners get the information they need to make educated decisions about their loans. From a step-by-step instructional that helps new home buyers understand the process to a complete refinancing guide for current homeowners, this lender offers a wellspring of useful information to consumers. Quicken Loans also has good rates on cash-out refinance loans that can be used for upgrading your home. It’s like reinvesting in the value of your property.
Another solid choice for homeowners looking to pull out some cash from the home they’ve been investing in for years is Refi Rate Guide. Mortgage and refinancing network connects homeowners with several qualified and reputable lenders that can approve them for a cash-out refinance loan in seconds. This is a useful tool if you want to get multiple quotes, compare rates, and see what the going rate on the market is for someone in your situation.
And if you can get approved for a larger loan and want to do some bigger home renovations, upgraded kitchens, bathrooms, and roofs will greatly increase the value of your home as well.
Give Your Home a Facelift & Watch it Pay Off
And it’s as simple as that. With a tweak here and a tuck there, you can dramatically increase the worth of your home. Other home improvements are great for convenience and general enjoyment. But if you really want to build your home’s value, then consider one of these home improvement projects today for an instant turbocharge to your home’s value.
Feeling inspired to beautify your home? Explore the possibilities of refinancing, and put your savings to good use. Learn more at Quicken Loans.