When we think of adding value to our properties, we usually think of big renovations, such as a new kitchen or a full-scale change to our home's layout.
However, you do not have to bust your budget to add a little more to your property value, contractors assure – with multiple affordable home renovation projects out there that can quickly top up your home’s worth.
These are the five renovation projects that will add value to your home on a budget and why they are so efficient.
Affordable reno projects that add value to your home
Just because you are working to a budget doesn't mean you have to cut corners – especially if you want to add value to a home. Skimping out on projects may help you save even more, but they won't last and will often lower the value of your home instead.
These are the five projects that won't burst the bank, even when done properly.
1. Boost your curb appeal with landscaping
'Although you may think solely of your interiors when planning a renovation, updating your curb appeal is arguably more important when trying to win over buyers or increase your property value,' begins Joe Raboine, VP of Design at Belgard:
‘A landscape upgrade is a project that always boosts the curb appeal and value of a home. The price depends on how much you want to invest, but you can ultimately keep it more affordable by DIY-ing or phasing out the upgrades. First impressions are everything when it comes to selling a home. A well-maintained and landscaped front yard is oftentimes an indicator of how the rest of the home may be!
‘Adding a paver walkway also can be a more affordable project that increases overall appeal and value. Investing in high-quality pavers can cost a few thousand dollars, but it will pay off in the long run. There are many options for color, texture, and style. Using modular pavers also will allow you to add visual interest without a lot of extra cuts, and most concrete pavers have a lifespan of 60-80 years. You’ll also want to ensure you routinely sweep the walkway to keep pavers looking fresh and avoid any stains from dirt and debris.’
‘Another consideration that can add the most curb appeal is adding a “social courtyard” to the front of your home,’ Joe adds. ‘Just like a porch, the social courtyard is an invitation for neighbors and passersby to say hi or gather socially.’
2. Stick to simple touch-ups
Not every home renovation project has to involve power tools. In many cases, some quick cosmetic touch-ups to your home, such as filling in cracks or fixing peeling paint, can help raise its value a bit, suggests Gabriella Dyson, Solved section editor for Homes & Gardens.
‘Even the simplest of DIY tasks such as patching up holes in walls like a professional or touching up paint on walls can instantly elevate your space and add a little value – especially if you take your time with them to ensure a good finish rather than just a sticking plaster,’ she says.
3. Making your home more energy efficient
It doesn't just have to be cosmetic changes you make to your home. Making your home more energy efficient with new insulation, eco home improvements such as solar panels or heat pumps, and upgrading furnaces to make your heating more efficient will be an instant drawer to new buyers, not to mention helping you to cut energy bills in the immediate future, says Alex Mtronchick, contractor and founder of Best Exteriors.
While some of these upgrades can be expensive up front, they are often more affordable than a whole new kitchen or bathroom. What’s more, even the smallest of changes can make a big difference, Jo assures. ‘Improving the energy efficiency of windows by reapplying caulking and adding weatherstripping can also reduce air leakage and lower heating and cooling costs,’ for instance. ‘This simple yet effective upgrade can be done relatively inexpensively.’
4. Apply a fresh lick of paint
'It should go without saying that paint holds the most power when it comes to making a space look new and more valuable – especially if you invest in quality paint or have a professional apply it in your home for a high-quality finish,' says Shlomo Cherniak, professional handyman and founder of Cherniak Home Services.
5. Upgrade the tactile fixtures in your home
Anything you touch or use daily should be of the highest quality you can afford – from choosing the right electrical wall switches to knobs and handles for cabinet doors. Not only are they more likely to last, but they make your home look and feel more expensive, too – helping to increase the value of your property, continues handyman Shlomo Cherniak.
'They offer a fresh look without significant costs and can often be easily swapped out by yourself,' he says.
FAQs
What renovation adds the most value to a home?
When renovating a home to add value, practical replacements and upgrades such as wiring, HVAC systems, security, and energy-efficient alternatives are often most valued by homeowners. These systems are not dependent on style or taste and can lure buyers in with the prospect of saving them money in the long run, making your home appealing to your wallet and future homeowners.
What doesn’t add value to a home?
More often than not, purely cosmetic upgrades to a home, such as the furniture and lighting fixtures, will not add value to your home, even if they can be important in having buyers look at your property in the first place. This is because these items are dependent on taste and preferences. Instead, it is more beneficial to invest in the practical and tactile elements of your home, such as the fixtures, foundations (i.e., the walls and floors being good quality and clean), and HVAC systems – even if they are a little less glamorous.
'There are more ways to save money on renovations than simply sticking to budget projects,' reminds Shlomo Cherniak, professional handyman. 'You can also plan renovations during sales or offseasons to secure discounts from contractors. Additionally, conduct thorough research to find affordable yet reputable professionals. Balancing cost-effective choices with quality ensures a budget-friendly approach to home renovation without sacrificing long-term value.’
