As a homeowner, you want to find ways to increase the value of your property. Granted upgrading your swimming pool, building a new kitchen, or adding a third floor to your house can do this.
But what if you want to get some bang for your buck? Specifically, what can you do under $10,000 to increase the value of your home?
No doubting first impressions are important and if you want to make the most of your home improvement project then you should focus on your curb appeal. This includes tasks such as painting or power washing your home, putting in a new garage door, or even upgrading your shutters and eaves.
If you have a tight budget, then you might want to consider investing in a new mailbox or hardware for your door. This could include a brass kick plate or even a high-tech lock.
Other options include upgrading the pavers on the walk to your front door or doing some landscaping. While you don’t want to break the bank the little touches to your home’s exterior can have a big impact on its value.
Open floor plans are all the rage now and for that reason, you might want to consider knocking down a wall and making one big room out of two small rooms. Just make sure if you do knock down a wall that it is not load-bearing and that you have identified any pipes and electrical cables. If not, then you might find yourself spending much more than $10,000 to fix the damage.
If you are not sure where to begin, then it might be joining your kitchen and dining room together as the bigger space will make it more welcoming. Another option might be to turn two small bedrooms into a larger studio or a private ensuite.
Either way, knocking down walls can be a relatively inexpensive way to upgrade your home without needing to take out a second mortgage to pay for it.
Unless your home was recently renovated or constructed, the odds are that your leaky windows are due for an upgrade. Doing so will not only help to reduce your energy bill, it will have a dramatic impact on your home’s value.
One thing you want to keep in mind when you consider upgrading your windows is that you probably won’t be able to get every window in your house down for less than $10,000. As such, you will probably need to pick your spot by choosing which windows need to be upgraded first.
To help you budget a project like this you will want to assume that each new window will cost about $350 to $400 installed. Keep in mind, this is for standard windows. If your home has large windows or requires a custom installation, then you might end up paying much, much more.
Fire Pits are all the rage right now and adding one to your home can have a direct impact on its value. "While the average cost of a fire pit is about $1,400, most homeowners dress up the pit's surrounding area to make it perfect for lounging and entertaining," says Houston Home & Patio, an upscale outdoor furniture retailer that offers fire pits in Houston.
The plus to adding a fire pit, or other backyard amenities, is that you can share them with friends and family. It is truly a win-win as you increase the value of your home while creating memories that will last a lifetime.
So, heat things up a little by bringing your backyard into the 21st century without breaking the bank in the process.
Another way to increase the value of your home is to invest in updated appliances. Not only will this breath life into your kitchen but it will also help boost the energy efficiency of your home.
A plus to this is that you can get most major appliances today under a couple of thousand dollars and if your patient you can get started with a Sub-Zero Wolf refrigerator this year and then tackle your grill next year. Talk about getting the kitchen of your dreams.
As you can see, you don’t need to take on major projects to increase the value of your home. While these five tips are all under $10,000, there is no shortage of ideas for what you can do to make your home more livable and more valuable. What are you waiting for? Set up a budget and then make it happen.