When thinking about how to add value to your home and increase Return On Investment, sometimes it’s better to think small rather than big.
Sure, a full kitchen reno would be nice, but there are plenty of more economical upgrades that can bring up your listing price.
Armed with just $1,000, here are 5 renovation ideas that will increase Return On Investment – and the likelihood of a quick sale!
1. Start At The Front Door!
We all know that first impressions are important, so the first step is making sure your home’s front door is in tip-top shape.
You can do this by purchasing a brand new front door. That will cost you about $1000.
Or just repaint it! That will cost you about $75 for paint and tools.
Rolling up your sleeves and pulling out the sandpaper is definitely the most frugal option, if you’re up for it. Choose a bold colour that will stand out from the street and add curb appeal, such as red or yellow.
Also look for an easy-to-install decorative door knocker to give the door an expensive, designer vibe.
If the door needs more than a coat of paint to revive it, spending extra replacement cash will pay off. Installing a brand new front door, especially a steel one will increase your return on investment.
2. Rethink Your Flooring
If your home has outdated flooring, such as wall-to-wall carpeting or linoleum, bring it into the modern age.
Talk to your local flooring company about how much square footage they could replace, staying in your $1000 budget. There are some surprisingly cost-effective options out there thanks to material advances, such as tongue-in-groove laminate wood or eco-harvested bamboo.
New flooring is always appealing to prospective buyers because it gives the house a clean-slate feeling.
3. Lose the Brass!
Look around your house and if you spot the shine of 1980ès brass fixtures, replace every last one of them. This once popular faux metal, makes a home look instantly outdated and even cheap! In fact, if any of your homes and knobs, pulls, or faucets are older than 10 years, now’s the time for an upgrade.
Ranging in price from $2 to $50, look for brushed nickel, oil rubbed bronze or black or white fixtures.
Keep the finishings consistent throughout your home. Even if the items they’re attached to our little worse for wear, new hardware will instantly increase return on investment.
4. Upgrade Your Lighting
To showcase your home in the best light and increase return on investment, consider installing new overhead light fixtures throughout your home.
Creating a cohesive lighting plan by matching fixtures and shades, and added floor and table lamps, will catch the eye of discerning buyers. With a revamp budget of $1000, set aside $100-$200 per fixture and $10 per room for packages of soft incandescent light bulbs.
Also, replace the standard light switches with energy efficient dimmer models they only cost between $10-$20. Cutting utility bills is important to buyers.
5. Deep Clean
Though it may be hard to believe, simply cleaning the front of your home could increase its value a lot!
Renting a power washer can cost less than $1000 per day, allowing you to remove dirt and mildew from top to bottom. If you have no interest in getting down and dirty, hiring a house maintenance company will probably set you back around $200.
Go the extra mile and increase your return on investment by also repainting the trim and fascia boards for around $1000.
Paying.a professional cleaning or painting company to refresh the face of your house will add instant value.
$1000 investment might seem like a lot, but if used strategically the upgrade will more than pay for itself when it’s time to list your property.