While homes need a little updating after ten or fifteen years, most are still in relatively good condition. The renovations you decide to make will likely depend on the state of your home and whether you plan to resell or stay there. If you are selling, some renovations are more likely to pay for themselves than others. If you are not leaving, what you decide to change will be determined by the size of your family, your budget, and your lifestyle.
Two Renovations That Pay For Themselves
- Minor Bathroom Remodel
While it may be hard to recoup the cost of a major bathroom remodel, you can probably sell your home and recover your entire investment in a smaller overhaul. HGTV experts say you can replace a floor, toilet, vanity, sink, tub, tile surround, and bath fixtures for a little over $10,000 and expect to increase the value of your home by approximately the same amount.
It may, however, take far less to bring your bathroom up to date. You can do simple projects, such as replacing the caulk, updating the bathroom fixtures, and covering the walls with a fresh coat of paint, without spending a lot of money. When it comes to the bathroom fixtures, things as faucets and showerheads should be replaced every 15-20 years, so if you’re feeling hesitant remember that these are tasks that need to be done regardless. Harder projects like reglazing the bathtub or replacing the shower doors cost a little more, but they make a significant impact, and will certainly ‘wow’ folks.
- Minor Kitchen Remodel
You can expect to recover almost all of your investment in a minor kitchen remodel. For around $15,000, you can buy a new stove, sink, fixtures, flooring, and laminate countertops. Granite is lovely, but it may be hard to get your money back unless your home is on the upper end of the spectrum. Of course, the investment may be worth it if you live in the house and they fit into your budget.
For a less expensive alternative, update your sink with new fixtures, add lighting underneath the top cabinets, or splurge on an affordable tile backsplash. Paint the walls a trendy color, sand and paint the cabinets, and then add shiny new hardware. Finish with an updated ceiling fixture, fresh window coverings, and original artwork or plate racks.
While kitchens and bathroom renovations are good investments, they don’t help much if you have a leaky roof or drafty windows. Taking care of maintenance problems as soon as they occur saves money in the long run, makes your home a more pleasant place to live, and guarantees that it will be in top condition if you sell.