For many people, the most expensive thing you’ve bought so far is your home. But the home itself is only the beginning when it comes to expenses. In 2018, we are expected to spend $340 billion fixing up our homes according to Harvard University’s Joint Center for Housing Studies. That equals just about four times as much as we spend on summer vacations and nearly as much as we save annually in our 401 ks.
It is worth your time to plan carefully and make smart decisions with return on investment in mind. The trade publication, Remodeling Magazine’s 2018 Cost Vs. Value report says the average remodeling jobs are about less than two-thirds of its costs at sale. Some projects are more effective at saving money than others.
Below are tips on creating smart projects that almost entirely pay for themselves in resale value:
Change your color scheme
More than two-thirds of real estate agents recommend repainting the inside of your home before putting it on the market. There is nothing like a fresh paint job in the most important rooms in your house that’ll attract a buyer.
A fresh coat in the right shade can add thousands to your sale price. In recent years, natural tones have been the most popular like beige or gray.
Try to take on this task yourself and you will see repainting can be one of the cheapest ways to spruce up your living space for prospective buyers or your own enjoyment.
Sprucing up your lawn care even a little bit can go a long way. You’ll need fertilizer and weed control that can cost roughly $330 and the returns can be $1,000 at sale. If you’re willing to spend a bit more, a stone walkway lined with greenery estimated to cost $4,750 returns an average of $5,000 at sale a survey by the National Association of Realtors found.
Replace old windows
By replacing old windows with newer, energy-efficient ones can save you anywhere from $25 to $450 a year in heating and cooling costs. This is according to the government’s Energy Star program. That is just one reason you should upgrade.
Another reason being, new windows can do a lot of freshening up on your home’s appearance.