Interior or exterior home renovations go a long way to improving your quality of life and increasing the value of your home. Even the smallest improvements can enhance your home’s functionality and financial worth. If you have a limited budget, there are specific areas you should focus on in order to get the most bang for your buck. Here are a few projects you can undertake without having to take a second mortgage out on your home.
1. Add some curb appeal
A fresh coat of paint, vinyl siding, new shutters, and attractive landscaping can drastically improve the appearance of your home’s exterior. This is a great place to invest, since it’s the first impression your home makes on visitors and passersby. If you have a bit more money to spend, you should consider new stonework on your stoop, walkway and/or driveway.
2. Breathe new life into your kitchen
Could your kitchen use updating? There are many things you can do to spruce up your kitchen without the substantial expense of a full remodel. For instance, a fresh coat of paint, new appliances, ceramic tile flooring, or new granite countertops can turn a kitchen from drab to fab. And if your outdated cabinetry is still in good condition, there’s no need to replace it when it can be refinished. This may even be taken on as a DIY project!
3. Revamp your bathroom
Old-fashioned bathrooms can be depressing. After all, it’s often the place where you begin and end your day. A modest investment can transform your bathroom into an inviting oasis that not only enhances your lifestyle, but adds value to your home. A new shower or bathtub, updated vanity and fixtures, and new tile flooring are excellent ways to beautify this space.
4. Open up your floorplan
While many older homes have been designed to keep each room separate, modern homes are being built to more adequately fit our lifestyles. That means having clear site lines from the kitchen to the dining and living areas. Removing a wall between your kitchen and dining room or family room can be a great way to add value and functionality to your home.
5. Replace old carpet with hardwood
There’s no getting around it, today’s buyers prefer hardwood flooring over carpet throughout the home. It’s not cheap, but it is a wise investment. Pull up a corner of carpet; there’s a chance you already have hardwood floors underneath that can be refinished, which can drastically reduce the cost.
6. Install new doors and windows
Not only will new doors and windows improve the way your home looks, but they’ll also increase its energy efficiency – which provides a great return on investment. Plan on spending about $200 to $300 on each window and possibly more if you have large or unusually shaped windows.
If your goal is to maximize your home’s marketability, do some research into what features attract buyers in your area. However, if you’re looking to make enhancements that will allow you to get more enjoyment out of your home, go with your gut. After all, you are all too familiar with your home’s pros and cons and can pinpoint the problem areas that require the most attention.
Did you know that if you spend a minimum of $5,000 on your home renovation, you may quality for a 203(k) rehabilitation loan? Call Cliffco Mortgage Bankers at (516) 408-7300 for more information or fill the contact form here.