You don’t have to drop major dough to get top dollar in the real estate market
It’s the little things.
Real estate agents have a saying that it’s kitchens and bathrooms that sell a house. But overhauling those rooms aren’t cheap: a minor kitchen renovation will set you back more than $20,000 and a major one more than $60,000, while a bathroom remodel is upwards of $18,000, according to Remodeling magazine’s 2017 cost vs. value report. And you don’t always recoup your outlay. People who did a minor kitchen remodel only recouped 80% of the cost, while those who did a major kitchen or bathroom remodel got back just 65%.
Furthermore, of all the 29 renovations that Remodeling magazine examined, there was only one — installing fiberglass attic insulation — that, on average, had a positive return on investment across all markets. It costs roughly $1,343 and you recoup $1,446 upon resale.
Of course, this doesn’t mean other renovations aren’t worth it — all of the 29 projects the magazine examined had payback of over more than 100% in at least one market — but it does mean that spending big on a renovation isn’t always the answer. Experts say you can think smaller — little projects that aren’t renovations per se but will still boost your home’s value. Here are five things that can cost $1500 or less to do that can up the value of your home.
Update the kitchen backsplash
“Potential buyers always seem to pay close attention to the kitchen,” Lynette Bruno, Trulia’s real estate and lifestyle expert, tells Moneyish. “So, it’s never a bad idea to give it some TLC before you list.” One recommendation: Replacing or adding a backsplash. “Try a neutral tone that will make the kitchen feel brighter and bigger to potential buyers.” This will likely cost you roughly $1000, according to HomeAdvisor.
Add a hood to your stove
“This is a popular feature that buyers look for in a kitchen and can give the look and feel of a chef’s kitchen,” says Bruno. And it doesn’t even have to cost a ton: Installation of a stove hood costs between about $160 – $300.
Replace the old garage door
You can do this for an average cost of about $1,000 — and as Collin Bond, a broker at real estate firm Triplemint notes, it can boost curb appeal, which is important to getting people in the door.
Install a new front door
Curb appeal is the argument for this upgrade — which can help a house look polished and refreshed — too. Buying and installing a new front door shouldn’t cost you more than $1000, unless you pick something super fancy.
Reglaze the bathtub and replace the toilet
“A new tub is a bonus for many buyers, but a simple re-glaze can give an old tub a brand new look,” says Bruno. “This can be a DIY weekend project for the ambitious seller.” Another way to refresh your bathroom without spending a ton is to replace a worn toilet, which can have “a significant impact on the look of the entire bathroom,” says Bruno. Both refurbishing the bathtub and replacing a a toilet should come in under $1000.
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