Budget-Friendly New Year's Renovations to Boost Your Home's Value

Whether you’ve moved into a new home and want to make it your own in the new year or are readying your property for sale, you can make some budget-friendly renovations to boost value instantly.

Turning a recently purchased property into a dream home or getting more money from the one you’re leaving starts with making wise decisions about makeovers and upgrades.

The key to choosing what to remodel first, or at all, is often a personal preference but can lie largely on what future buyers want. It should also depend, however, on careful consideration of the return you’ll get on your remodeling investment. And, since renovations always come with a cost, a detailed look at the money you have available is important when deciding what home improvement job to tackle.

If you’re a homeowner who needs to be budget-conscious when taking on renovations, look to the following for inexpensive projects to start the new year.

Add Exterior Lighting

Landscape or exterior lighting might seem like a costly renovation, but there are many low-voltage lighting systems that homeowners can install themselves to forgo electron costs. Consider the abundance of DIY solar and smart lighting kits on the market. Or the easy-to-install and affordable deck lights or exterior wall sconces. Outdoor lighting adds a level of safety to a home and enhances its architectural features when thoughtfully planned, boosting value.

Paint Inside and Out

A fresh coat of paint is one of the best ways to quickly spike your home’s value. Paint instantly transforms and updates a property’s interior and exterior. Considering the average cost of a gallon of one-coat paint is roughly $38, you can see a tremendous visual gain for a relatively small investment. Neutral paint colors are on trend year after year as they provide a blank canvas for homeowners to create the look they envision within nearly any design style.

Replace Your Entry Door

Adding a new steel or fiberglass door bolsters home security and adds to a property’s resale value. It can provide homeowners with greater privacy, makes an excellent first impression, and is likely to recoup 85% of its cost upon the sale of a home.

Upgrade the Garage Door

Replacing a garage door is a fantastic way to improve a home’s curb appeal. For roughly $4,302 (the average price of a new garage door), you can increase your home’s resale value by $4,418 with this budget-friendly renovation. A garage door replacement is one of the few home improvement projects that typically lets you get your money back and then some when it’s time to sell.

Add Siding or a Stone Veneer

Depending on its use, stone veneer can impart a classic or modern vibe. Whatever your design style, you’ll probably find that improving your home’s exterior with a stone veneer – even on just part of it – can make the difference between boring and beautiful. Likewise, new siding can instantly boost a home’s visual appeal, and appraisers often look at the structural benefit of siding when determining a home’s value.

Install Smart Home Technology

Installing smart home technology quickly modernizes a home for little cost. It’s a great way to get more enjoyment from a property and make it more efficient and safe. The best smart home devices to boost value include connected lights, sprinkler systems, water leak detectors, appliances, window treatments, and security cameras.

Make Small Fixes

Sometimes, the littlest things make the biggest impact. Don’t overlook the value of new doorknobs, electrical outlets and covers, faucets, screens, and cabinet hardware on your home. For a minor cost, you can significantly upgrade your property’s exterior and interior and boost its worth.

Add Low-Cost Landscaping

Low-cost landscaping, such as colorful shrubs and trees and water-wise plants and gardens, are easy on the average homeowner’s budget while adding anywhere from 5% to 12% to a home’s value (depending on property location). Nearly every landscaping expert advises planting trees, which can add up to $9,000 in value. Drought-friendly and sustainable yards are cheap to design and save homeowners money in the long run by reducing energy costs.

Lay New Floors

Homes with old rugs and torn linoleum quickly get a value upgrade with a flooring replacement. Laminate floors that look like hardwood are popular among homeowners because they’re budget-friendly and beautiful. Cork, carpet, and ceramic tiles are great options to instantly bring style and appeal to an outdated property.

Are you looking to buy and renovate a new home in the near year or update yours and sell it? Let Better Homes & Gardens Real Estate® help you when you’re ready.

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