5 Affordable Home Upgrades That Will Increase Your Home’s Value
Did you know many contractors and designers recommend updating your home at least every 10 years? Your house is likely your largest asset, meaning it’s important to keep it attractive, stylish, and relevant. Doing so will ensure that you’re always in a position to sell your home for a good price should the need arise. Even if you don’t move soon, you still deserve to live in the beauty and convenience of an updated home.
But what if you’re living on a limited budget and don’t have much money to dedicate to home renovations? Not to worry. There are plenty of inexpensive home upgrades you can make. Here are five affordable ways to update your home and improve its value without draining your life’s savings.
1. Go Solar
Many homeowners are under the impression that solar panels are an expensive investment. But in recent years, “going solar” has become much more affordable. At the same time, solar power capacity has grown. If you’ve been thinking about making the move to solar, now is a great time to schedule a solar installation. Panels can be installed directly on your rooftop where they’re positioned optimally to capture the sun’s most powerful rays.
Since 2014, the average cost of solar panels has plummeted. You can thank intense market competition and advances in solar technology for that. An increasing number of homes in the U.S. have solar panels, and yours could be one of them. Installing solar panels can help you save money on your monthly energy costs while simultaneously protecting the environment.
2. Refinish Your Front Door
What’s the first thing people notice about you when they meet you? Is it your eyes, your hair, or your dazzling smile? Just as you value the first impression you make on others, you should value the first impression your house makes. When someone walks up to your home, are they greeted by a dingy door with peeling paint or faded stain? Or are they dazzled by a gorgeous front door that’s stained or painted to perfection?
If your answer is anything except the latter, it’s time to take action. A beautiful front door is essential for optimizing your home’s curb appeal and boosting its value. It can be expensive to buy a brand-new door, but you can save money by refinishing the one you have. Start by sanding down old paint or exposed wood, then applying fresh paint or stain. Finish by sealing your door to protect it from the elements and keep it looking new as long as possible.
3. Repaint the Walls
Do the walls inside your home look like they stepped out of an old ’90s movie? If they’re covered in old wallpaper or sporting outdated paint colors, it’s time for an upgrade. The great news is that repainting your home is one of the most affordable ways to change its interior appearance. It’s also exceptionally easy (although it does require a bit of preparation and time to complete).
The average cost to repaint the entire interior of a home is around $1,890 if you do it yourself. If you hire a professional painter to do it for you, plan to pay an additional $20 to $50 per hour. A fresh coat of paint can make a drastic difference in your home’s appearance. It can also boost your home’s value and make it a more pleasant place to be.
4. Install New Light Fixtures
Take a minute to examine the light fixtures in your home. If you’ve had them for decades, they’re in poor condition, or they’re out of style, it’s time for a change. Now that you have updated paint in your home, your outdated light fixtures will stick out like a sore thumb. New light fixtures can cost anywhere between $30 and $1,000 or more, depending on how rarified your tastes are. Then you’ll need to budget further funds for installation, unless you do it yourself.
To save money on light fixtures, opt for simpler models in hallways and lower-traffic areas. You can reserve fancier and more expensive fixtures for entryways and main gathering areas. If you need more light in certain spaces, you don’t necessarily need to install additional fixtures. Instead, you can affordably add more light by placing one or more floor or table lamps in strategic areas.
5. Add Crown Molding
Crown molding is a decorative trim that’s installed at the top of the wall where it meets the ceiling. It’s such a small feature, but it can have a huge impact on the appearance of a room. On average, it costs between $1 and $15 per linear foot for the materials. Labor typically runs anywhere between $3 and $12 per linear foot. Depending on the size of your home, those combined costs can add up quickly.
To save money, many people choose to add crown molding to just one or two main rooms. That way they can get the dramatic impact they want without spending more than they can comfortably afford. Crown molding is a beautiful addition to kitchens, living rooms, and foyers. It can also deliver a positive return on investment by increasing the value of your home.
Living frugally doesn’t mean you can’t also enjoy a beautiful, updated home. Whether you’re prepping your home for sale or simply want to live in style, it’s possible to make affordable changes. From solar panels to crown molding, the above upgrades can help you make a huge impact for a reasonable price.