Getting the Biggest Bang for Your Buck On Home Improvement Projects

Example of a replacement project which will
help you save money.

Real estate writer Ilyce Glink offers tips for getting the most of your home improvement efforts in her article, “Make the Most of Your Home Improvement Projects” on  the Equifax Finance blog.

Homeowners too often don’t think about the real bang for their buck that they will get out of a home improvement project. But, like any other major expense, you have to think about return on investment. You may think certain upgrades are a must-have, but when the time comes to sell your home, will buyers be willing to pay more for that upgrade?

Building an impressive bathroom or kitchen may not pay off as much as replacement projects will – replacing roofing, siding, windows, etc. To get a home in “selling shape” the best upgrades are often cabinet refurbishing, new countertops, paint, bright lighting and a clean floor. The experts say avoid luxury upgrades and focus on your market – if you live in an area where outdoor living spaces are hot, add a deck instead of overhauling your kitchen.

If you want to do the upgrades that will make the difference while saving money, Glink offers the following three tips:

1.       Replacement projects. They aren’t exciting, but they get the job done, won’t put you in debt, and are cost-effective. A new front door or new garage door can add to curb appeal, and offer cost savings to homeowners with reduced utility expenses.   

2.       Mid-level upgrades, like new cabinets or countertops can go a long way, but limit these to less than 20 percent of the total value of your home, says Glink.

3.       Add space without adding more house. Add a deck, convert an attic or finish a basement to increase living space without increasing a home’s footprint.

For more home improvement and real estate tips, as well as advice on credit, insurance, retirement, taxes and money management, visit the Equifax Finance Blog.