Between mild weather and more daylight hours, spring is one of the best times of the year to spruce up your living space. But home projects don’t only enhance the appearance and condition of your home—they also increase your property’s value.
From landscaping to interior updates, here are a few small and large projects to tackle over the next couple of months.
1. New paint job
A fresh coat of paint is an excellent way to freshen up your home’s interior and exterior. Exterior paint provides your home with a protective barrier, but constant exposure to sunlight and rain can break down this barrier over time. This leads to fading and weather damage. Re-painting the exterior, however, replaces the layer of protection while improving your home’s aesthetics.
On average, the return of investment on exterior painting is up to 55%. If your paint is in good condition, power washing also freshens up a home and increases its value.
According to research, power washing can possibly increase a home’s resale value by $10,000 to $15,000.
Also, a new coat of interior paint can modernize a space and add value. Interior painting can yield a return on investment up to 107%.
2. Landscaping
Landscaping is another relatively inexpensive spring project that can improve your home’s curb appeal and overall value.
Landscaping does more than make a good first impression. Planting trees and shrubbery might provide extra shade, helping to reduce your energy costs. It can also create a more relaxed outdoor environment, which will impress potential buyers once you’re ready to sell.
Inexpensive landscaping projects include planting flowers and shrubs to add color to your yard, adding fresh mulch, installing a bird feeder, laying stones or bricks around a garden and pruning overgrown trees and bushes.
The return on investment depends on the scope of the project, but it might deliver a return as high as 100%.
3. Expanding outdoor space
If you have a bigger budget for spring projects—and the extra room—creating an outdoor living space provides more areas to relax and entertain.
These projects include replacing or building a new patio or deck, adding a screened-in porch or building an outdoor kitchen. These types of projects can enhance the functionality and appearance of your property and significantly increase your home’s value.
A new patio or deck offers a return on investment up to 69% to 80%, whereas an outdoor kitchen yields a return up to 200%.
4. Basic home repair/minor updates
Keep in mind, too, that basic home repairs and minor interior updates also have a positive impact on property value.
A few examples of these projects include replacing a leaky faucet or non-working light switches, patching a hole in drywall, unclogging drains or fixing a squeaky door. Additionally, you can plan projects that’ll modernize your space. Purchase new lights, hardware and other fixtures for your kitchen or bathrooms.
You can save money by completing some of these projects yourself. To feel more confident with DIY improvements, start with smaller projects that don’t require a lot of time or skill. Also, take time to research projects—maybe read guides or watch online how-to videos.
5. Minor kitchen update
A major kitchen remodel can be an expensive project. A minor update, on the other hand, can improve the overall aesthetics of your space while costing significantly less.
These projects consist of cosmetic changes rather than modifying the layout of your entire kitchen. Options for a fresh look include upgrading your appliances, painting or refacing your cabinets, updating your flooring or installing new countertops.
If your kitchen cabinets, countertops and appliances are in good condition, maybe replace the light fixture or add a backsplash. Even the smallest changes can breathe new life into an older kitchen.
Typically, you can expect a return on investment up to 81.5% with a minor kitchen remodel.
The loan experts at FirstBank Mortgage can help you decide which projects might give your property value a boost. Contact us anytime – we’re happy to help!
References:
https://www.kindhomesolutions.com/2022/04/26/does-paint-increase-home-value-kind-home-solutions/
https://realtytimes.com/consumeradvice/homeownersadvice/item/1037728-value-boosting-exterior-updates-to-make-to-your-home-now
https://www.nar.realtor/sites/default/files/documents/2018-05-remodeling-impact-outdoor-features-05-23-2018.pdf
https://www.rockwaterfarm.com/blog/is-outdoor-kitchen-worth-the-cost-things-to-consider
https://www.zillow.com/sellers-guide/kitchen-remodel-roi/
