Home Mortgage Alliance Corporation (HMAC)

DIYers can do a lot to increase their home’s value

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Published Date 9/19/2024

While Realtors are often the in-the-trenches prognosticators of how to improve your home’s value, architects have their opinions as well. Fortunately, both are in agreement on how to make DIY investments in your home that will not only stand the test of time, but also get you the most bang for your buck when you sell.

Architectural Digest’s Perri Ormont Blumberg reports that a recent study done by Zillow and Thumbtack suggests that spending around $5,000 on home projects can yield a substantial return on investment. They offer some budget-friendly renovations.

For under $500, you can:

Replace lightbulbs. One of the most cost-effective upgrades is replacing old bulbs with brighter, energy-efficient LED lighting throughout the house. For $200-300, you can ensure every room has matching color temperatures and improved brightness.
Paint interior walls. Interior painting offers a significant return on investment.

For under $1,000, try:

Refinishing hardwood floors. Blumberg cites Kris Lippi, a licensed real estate broker, who notes that 54% of buyers are willing to pay more for homes with hardwood floors. Refinishing existing hardwood floors can cost between $600 to $1,000, focusing on high-traffic areas like the kitchen, living room, and entryway.
Updating your kitchen. Transform your kitchen without a full renovation by replacing the kitchen faucet with a contemporary pull-down model ($150-$500), updating cabinet pulls and knobs ($1-$4 each), painting cabinets, doing a deep clean, and updating light fixtures.

If you can manage $1,000 and beyond:

Replace Carpets. Blumberg asked Josh Wilson, a licensed realtor, what he might suggest if you have a larger budget. He suggests that replacing carpets can dramatically improve a home's look and feel. The average cost for replacing carpet in an entire house ranges from $1,500 to $3,500.
Update windows. This alone can improve energy efficiency and increase home value. The average cost to replace one window ranges from $400-$650, depending on size and materials used.
Add some landscape improvements to enhance curb appeal. This could cost between $1,000 to $5,000, depending on the property size and required work. Many Realtors agree that professional landscaping can increase a home's value by 5.5% to 12.7%.

As Blumberg researched the topic more, she was advised by all to focus on standout features that initially attracted owners to their homes, to consider hiring professionals for complex projects, and to take the additional step of painting or staining front doors and garage doors to show proper maintenance.

As for budgeting, for larger projects like kitchen and bath remodels, create a detailed plan and budget, allowing for unexpected issues — keeping “contingency” funds for things that don’t go according to plan.

Whether you're handy with tools or prefer to hire professionals, there are plenty of ways to improve your home's value. The key is to start with a clear plan, focus on improvements that offer the best return, and create a welcoming space that potential buyers can envision themselves calling home.

Architectural Digest, TBWS

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