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There are several small actions you can take to make a positive difference in your home equity. While some improvements require significant investments, there are many budget-friendly options that can yield very nice increases in value. Learn about the many ways in which you can do the same in your home.
WHOLE HOUSE IMPROVEMENTS
Fresh Coat of Paint
Starting around $28 for a gallon of Behr Premium Plus
New paint can work wonders in transforming a space. You can make a room appear smaller or larger based on which surfaces are painted, and choosing the right color for the room can make a huge impact for a relatively low cost. If you’re selling your home, consider painting the walls in neutral, appealing colors that can attract a wider range of buyers. You should also consider painting more than just the walls. Window trim, baseboards, doors, cabinets, furniture, and featured walls can be painted as well. For a sophisticated look, you can alternate wide vertical stripes of the same color paint with different sheens (flat and satin) on a feature wall. Other alternatives include creating and then painting a board & batten, wainscoting a wall with two different colors, or color-washing a brick fireplace. Whatever you decide, a new coat of paint can dramatically improve the look and feel of a room.
Add Storage Space
Starting around $75 for wood shelving, trim, and shelf brackets
Even if you don’t have a large home, extra space can be added in surprising ways. Other than installing or adding more shelves in the closet, garage, or laundry area, you may want to consider other spaces as well. Space between the studs in a wall can be utilized for recessed storage of small items.
A hallway near a door is the perfect space for adding a storage bench with hooks and cupboards. As a bonus, you can use the area under a stairway. Regardless of how and where additional storage is permanently created or attached, it will add value to your home.
Update Your Window Treatments
For as little as $29
(white faux 2” wood blinds for 30×36 window at Home Depot)
New blinds, shades, or curtains can dramatically change a room’s appearance on a budget. Better Homes & Gardens and Martha Stewart provide a list of window covering types and how they might be used. Your local home improvement store will most likely have window coverings that meet your needs and tastes. As a bonus, those stores will probably cut shades and blinds to match the size of your window.
Pro tip: Install drapery rods at a higher level than the top of the window to give the illusion of a bigger space. The height at which to install and how high above the floor the drapery should be depends on the space, but this article from Livingetc.com will provide some additional guidance.
Add Some Green
Houseplants start at $15 for a 14” Money Plant at Walmart
Houseplants bring life and color to your rooms and add an aesthetic that’s hard to match. There’s even a study that shows how some plants will help sell your home faster because they help to stage a room! Most plants are relatively inexpensive and can make a big difference in the atmosphere of your home, and this article from The Spruce will tell you the most popular plants and how to take care of each variety.
Change Door Handles
As low as $7 each when purchased in packs of 10 or more
If you still have the round brass-colored door handles from the 1980s, it may be time to consider an upgrade. Replacing old, worn door handles can have a surprisingly positive impact on the look of your home. Lever style handles modernize the look of a home and come in a variety of styles and finishes. They can be purchased in bulk for significant savings, and they come in a variety of options, as this list on Amazon demonstrates. Keep the following door handle types in mind as you shop around for replacements:
Privacy Door Knob – these are needed for bedrooms, bathrooms, or any other room that needs to be locked from the interior.
Passage Door Knob – good for hallways, closets, and rooms that don’t need privacy. They open and shut a door but do not have a locking mechanism.
Keyed Entry Knob – these door knobs have a key entry on one side and a lock on the other. They are used for entry points from the exterior to the interior of the home, such as the front door, garage door, or patio doors.
Add a Feature Wall
Start around $225 for 12’W x 9’H wall of brick cut in ½ lengthwise
Turn an otherwise bland room into something worthwhile by creating a feature wall. As long as you use classic materials such as brick, wainscoting, or reclaimed wood, a well-placed feature wall will create warmth and vitality in an otherwise ordinary room. If these kinds of materials are not in the budget, a different or complementary shade of paint can serve the same purpose. It’s always advisable to steer clear of wallpaper or stick-on tiles as those materials may actually decrease the value of the home and turn away buyers who don’t want to remove them. If you are interested in learning how to install brick on an inside wall, this video will explain how.
Upgrade Light Fixtures
As low as $30 for a statement light fixture
If you have a light fixture that looks like it belongs in an office, it might be time to consider a new one. Replacing a light fixture with an updated statement piece will add instant value and style to a room. There are far too many styles, colors, and types to discuss here, but “How to Choose the Best Light Fixture for Each Room in the House” and this list of unique light fixtures will be a great place to start.
Install a Programmable Thermostat
Starting around $35
Not only will a programmable thermostat lessen the frustration of constantly changing it to keep a comfortable temperature, it will save you money in the long run through more efficient heating and cooling. Most programmable thermostats can be installed without the need for a professional and are fairly inexpensive. An Auto-Change Programmable Thermostat will automatically turn on (or off) the heat or air conditioner in order to maintain the set temperature and can save up to $180 per year on heating and cooling costs. It will also appeal to home buyers if you’re planning to put your home on the market.
Make a Statement With the Woodwork
As low as $35 for a 12×15 room with additional trim
Custom woodwork and trim give a room a refined look and aren’t overly expensive or difficult for DIYers. Whether you want to embellish the ceiling area with crown molding, highlight a wall with wainscoting or board & batten, or increase the height of your existing baseboard, there are many tutorials on how to make it happen. The most likely candidates are areas like a stairway wall, the dining room, a bedroom, or an office.
KITCHEN IMPROVEMENTS
Upgrade Faucets
As low as $30 on Amazon
Installing a new gooseneck kitchen faucet is one of the quickest ways to improve the look in your kitchen and it won’t cost you a small fortune. With a variety of finishes, handles, and sprayer styles, it won’t be too difficult to find one that fits with your style or budget. If there are extra faucet holes in your countertop after installing the faucet of your choice, simply cover them up with snap-ins or maybe screw in faucet hole covers. Another option is to add a dish or hand soap dispenser mounted under your countertop.
Replace Cabinet Hardware
As low as $60 for 20 cabinet knobs at $3 each
Highlight your cabinets in a new way by upgrading the hardware. The list of the types of cabinet and cupboard hardware is long and varied, but this article from Designing Idea will provide you with information about most of them.
If you already have hardware, you will need to measure the width of existing drill holes in your drawers and get the same size to match the holes. If you are unsure about what size to get or where to place your new hardware, this guide from San Diego Hardware can help.
For estimating purposes, an average kitchen has 20-30 cabinets, but you will need to count the number of cabinet knobs and drawer pulls for replacements in your kitchen. On average, you can expect to pay $150 for all of this hardware, but you can save even more by shopping around. However, it’s still a good idea, considering how much new hardware can change the look of a kitchen!
Install a Reverse Osmosis Water Filter
Starting at $200 for a reverse osmosis system
Water free from pesticides, heavy metals, and other contaminants is increasingly becoming an important factor in health and safety. An under-the-sink tank system with 3 or more filters will reduce or eliminate most contaminants and help reduce plastic waste in landfills, possibly feeding your home as well. Having a reverse osmosis water filter system installed under your kitchen sink will add value and peace of mind, and many of these can be installed without the need for a professional plumber.
Add a Backsplash
As low as $1.50 per square foot for backsplash tile
Not only will a tile backsplash provide a layer of protection from costly water damage, but it can also add character and style to an otherwise bland kitchen. It also adds value if done correctly. There are countless options for backsplashes, but if you want to add value, any of the following materials are recommended:
- Tile with grout
- Metal (stainless steel, copper, tin tiles)
- Stone & Glass (tile, quartz, or mirror)
Try to avoid materials with rough edges or small openings, such as tumbled travertine, as cleaning may become overly burdensome. For more information about backsplashes, read this article.
Paint the Cabinets
Approximately $150 for an average size kitchen
Instead of replacing old cabinets, give them a fresh look with a new coat of paint. While white cabinets are timeless and work well with most design and color schemes, you may want to consider other neutral color options. Whatever color you choose, be sure that you prepare, prime, and paint in the proper ways with the correct materials and supplies. Of particular importance is the type of paint since plain latex paint tends to peel. For complete instructions with pictures and products, review the article “How to Paint Your Cabinets Like a Pro” before getting started.
OUTDOOR IMPROVEMENTS
Increase Energy Efficiency
Weather-proof doors & windows by sealing gaps and re-caulking around your windows and exterior doors. Not only will this improve appearance, but it can also alert you to any necessary repairs and save on energy bills. You can save at least 7% on heating and cooling bills simply by weather-stripping and caulking key areas of your home.
Create an Inviting Entrance
Nothing says “Welcome Home” like an entrance that beckons people to come inside. This can be accomplished in a number of small but important ways, such as these:
- Paint the front door with a color that sells, but avoid these colors;
- Change the door handle and/or doorbell with one from this list of popular choices;
- Update the mailbox;
- Mount floating house numbers or put a solar-powered house number sign in the yard;
- Hang a seasonal or welcome wreath on the door;
- Put out a welcome mat;
- Add some potted or hanging plants on each side of the door. Whether they are real or artificial, plants will always create a warm and timeless appeal.
Create an Outdoor Space
Outdoor living areas are highly sought after, and you can create a comfortable and inviting space in your yard without great expense. By using your existing deck, patio, or yard, you can create a cozy outdoor seating area. Adding solar path lights or a new porch light can make your home more inviting and improve security. A fire pit or gazebo is a great way for friends and family to gather, and a comfortable hammock is the perfect way to relax on a sunny day. All these and more can be found on Amazon for less than you may think!
Create a stepping stone path that leads to a private bench w/cushions. Create a sitting area around a fire pit on brick, stone, gravel, or concrete pad. Add patio lights for a relaxing evening inside a gazebo. Hang a beautiful hammock between the trees. Place a couple of chairs next to a side table with an umbrella. Solar pathway lights help illuminate the way.
Remember, the key is to choose projects that you can handle either by yourself or with minimal professional help that will make the biggest difference in the appearance and function of your home. Just remember to always set a budget before starting out and try to keep within that budget.
The impact on home equity can vary depending on many factors, including the local real estate market and the condition of your home itself. It’s always a good idea to research the market trends in your area and consult with a real estate professional for personalized advice.