Do you have grand
visions of gutting your dated kitchen, or maybe blowing out the bathroom walls
to create a spa-like retreat? While major remodeling projects such as these can
bring value to a home, budget-friendly projects can also deliver a fresh look -
and real value for you and potential buyers.
"Something as
simple as replacing the hardware in the kitchen can give you a whole new
look," says Paul Wyman, a regional vice president with the National
Association of Realtors. Wyman is also an expert at determining if a remodeling
project will add value to a home.
Curious which
simple projects will give your home the most value? Keep reading to learn about
a few affordable facelifts and bargain renovations that could boost your home's
value and add appeal.
Bargain Renovation #1: Reface Kitchen Cabinets
Would you believe
that something as simple as replacing dated cabinetry doors could get you a
higher return on investment than other major remodels? We didn't either, until
Remodeling Magazine's 2011-2012 "Cost vs. Value Report" told us
otherwise.
If the cabinets in
your kitchen are well laid-out, sturdy, and plentiful but unappealing, refacing
can be a cost-effective alternative to complete replacement. This process,
which maintains the existing cabinetry's frames and boxes but replaces the
hardware and door and drawer fronts, can be just a quarter of the price of
installing all-new cabinetry.
What does that look
like in hard figures? Kitchen Solvers, a resurfacing company in La Crosse,
Wisc., offers the example of a client paying $6,000 to install solid cherry
doors on existing cabinetry, rather than shelling out $24,000 to install
everything new. That sure sounds like a good savings to us.
Bargain Renovation #2: Install a New Kitchen Countertop
If you adore the
luxurious look of a stone countertop but don't love the high price, there are
ways to achieve the high-end feel of granite or marble without breaking the
bank.
You can save on
granite, for example, by buying remnants from a stone yard, according to a July
2012 Consumer Reports article titled "Get the luxury look for Less."
Or, if you have your eye on marble, a slab from Vermont will cost at least 20
percent less than one from Italy, according to the report.
For a truly
budget-friendly option, Consumer Reports suggests that you consider a laminate
countertop.
Laminate, which is
made of sheets of plastic resin and paper bonded to particle board or
fiberboard, could resemble granite or marble with today's printing
technologies, notes Consumer Reports.
Bargain Renovation #3: Update the Bathroom
According to HGTV's
"Maximum Value Projects," on FrontDoor.com, updating a bathroom is a
great way to add value to your home. And it doesn't take much to make a big
difference.
In fact, HGTV says
updating the sink and fixtures will yield more value than replacing the
countertop, flooring, toilet, or even the tub and shower. To avoid the premium
price and save "hundreds of dollars without compromising quality,"
Consumer Reports' bathroom remodeling guide recommends selecting sinks and
fixtures with basic finishes.
Looking for more
value-adding updates that are gentle on your wallet? Consumer Reports suggests
replacing an outdated wall-to-wall mirror with individual framed mirrors over
each sink, or replacing stained grout with stain-resistant grout.
Bargain Renovation #4: Boost Curb Appeal With a New Roof
Honestly, who looks
at a roof? Homebuyers, evidently. Even if most of your roof isn't visible from
the street, it is still an important aesthetic and functional feature that's in
a prime position to elevate - or squash - your home's curb appeal.
"When people
buy a house, they expect it to have a roof, but if it's recently been redone,
they will really see the value in that," Wyman says.
Fortunately, for a
flashy and durable roof, you don't have to select a costly specialty material -
like slate, tile, or metal. Composite asphalt shingles is the most common
material, and it fits easily in many types of budgets, according to HGTV's
"Maximum Value Home Exterior Projects: Roof."
Composite shingles
are now available in a wide range of styles and colors, according to HGTV,
allowing homeowners to create a custom look that matches the home's façade or
plays up its architectural details.
Bargain Renovation #5: Add a Deck
Looking for a new
living space that will add value to your home? Look no further than the square
footage waiting right outside your back door.
In fact, adding a
deck to your home could offer one of the highest cost-recoup opportunities,
according to the cost-value report. And you don't have to choose a high-priced
composite material. The survey found that decks built with wood actually
delivered a greater return at resale than those built with composite material -
boasting a 70 percent return on cost, compared to 62.8 percent.
Because
deck-building is a potential DIY project - depending on your familiarity with a
power saw, of course - savings could be even higher.
"Any type of
work you have the ability to do yourself, with quality, makes it a bigger
bargain because you're saving on labor costs," Wyman points out.
But if your home
improvement skills are a little iffy, or you would rather sit back and relax
during the renovation, it's probably best to leave this one up to the pros.
Source: Yahoo Homes
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