How To Increase The Value of Your House With Only $5,000
It’s easy to commit to large and often expensive projects when it comes to renovating your house but when choosing to invest cold hard cash into your home, ensuring a solid return on investment for your money is crucial.
It can also be tough to come up with large wads of spare cash so the below scenarios are those which you can commit to with as little as $5,000 to help significantly improve the value of your home.
- Bathroom Rejuvenation
Bathrooms are one of the most important features in your home and any room where you’re able to upgrade utilities is an excellent option, especially when you want to add value. If your current bathroom is still showcasing an old bathtub / shower combination, it might be time to update it with a glass or tiled shower stall. For a bathroom of average size, this will set you back between $2,500 - $4,500 for this particular feature. This update however could add up to $5,000 to the value of your home. Other options include modernising sink fixtures, installing contemporary lighting or adding new flooring if you’re particularly cashed up.
- Modernise the Kitchen
Easily the room utilised the most and the one which undergoes the most scrutinisation as would be homebuyers hunt for the latest fixtures and mod cons. Even a small upgrade here can add value to your bottom line. Consider new appliances, stone counter tops or updating cupboard and drawer handles. An average sized kitchen can also be bought from Kitchen Shack starting from around $3,000 so if you’re open to updating the lot, check out their website. Kitchen upgrades generally have a return on investment of up to 85% so it’s definitely worth considering.
- Update the Front Door
This is one that most won’t think of but your front door is one of the first elements a potential purchaser will see and inviting them in with a custom, hand carved door adds an extra warmth, richness and character to your home. If you spend around $3,000 on said custom made door, you can add on an extra $3,000 to your asking price. An easy win!
- Install a Wooden Deck
If you have the space, adding a fabulous outdoor wooden deck is an excellent way to increase the value of your property. Wooden decks don’t have to break the bank and can be installed for as little as $3,000, particularly if you utilise an app like Airtasker to find a decent handyman. This will add significant return on investment as most buyers are greatly attracted by well presented outdoor areas and will pay handsomely for them. If you’ve got extra cash, consider a nice finish and maybe even installing a wooden fence to finish off the space. This addition is going to easily add an extra $5,000, if not more, to your bottom line which definitely makes it worth considering.
As you can see, significant extra value can be added to your home by implementing a couple of minor renovations which, if you’re handy, can easily be done either by yourself or in conjunction with a handyman. While it’s tough to recoup 100% of each investment, each one will add value and ultimately increase the appeal of your home overall to potential buyers.