When you buy a home it can be easy to fall into the trap that of thinking that all you have to pay is the monthly mortgage. But as a recent Harvard University study found, home renovations take up a huge chunk of change. Collectively, American homeowners spent about $340 billion on home repair last year. Looking at that number, you’d be wise to only make renovations that will add value to your home. Here are some of the more affordable fixes that typically pay for themselves when it comes time to sell.
Fresh Coats. According to the National Association of Home Builders, painting the interior of your home can sometimes add thousands to your eventual sale price. If you go this route, it might be smart to pick grey, beige, or some combo of both. Those colors were rated highly by the National Association of Home Builders. Painting rooms yourself can be time-consuming, but according to Angie’s List, it’s much cheaper than hiring someone to do it for you. The average cost for painting a room yourself is between $200 and $300. If you hire a painter it’ll run you between $400 and $800 per room.
Garage Update. This might sound kind of crazy, but if you have a garage, updating the door is your best move. According to Remodeling Magazine’s 2018 cost vs. value report, replacing an old garage door with a new version typically boosts your home’s sale value by almost 100 percent of the install cost. You’ve never cared more about garage doors, have you?
Mowing and Mulching. Just as updating your garage door can add value to your home, so can a little landscaping. It’s all about that curb appeal. The best part? You don’t have to go over the top, and you don’t want to go over the top. Money reports that realtors typically suggest mowing, mulching and adding a few nice plants and flowers. Things like elaborate walkways and fancy fountains usually don’t pay for themselves.