8 Small Home Projects With A Big Return On Investment

My Home August 31, 2017

If you want to upgrade your home, you should first find out whether your planned projects are really worth their cash outlay.

Even small home improvement jobs, many of which require minimal labor, can have a positive impact on the value of home.

Plus, it’s important to consider that the more projects you can tackle around your home without hiring a contractor, the more money you can save.

Discover eight small house projects below that could provide you with a big return on your investment (ROI).

1. Replace Kitchen Fixtures
The average cost of a full kitchen remodel is $26,172, according to a survey by Houzz, but much smaller touches can also dramatically increase the appeal of your kitchen. Upgrading the appliances, changing out the cabinet hardware, replacing the sink or adding in an upscale backsplash can all be effective.  A recent FrontDoorarticle indicates the ROI on an average kitchen remodel can reach as high as 98.5 percent.

2. Paint Interior Rooms
Repainting the walls and ceilings of interior rooms could cost as little as $25, but bring in a potential ROI of 40 percent. It’s a project you can easily complete on your own, which saves money. The right color can revitalize the space, photograph better and bring in more offers.  Houzz recommends neutral colors like beige or gray.

3. Make Over the Bathroom
Since the bathroom is often a priority for buyers, a makeover can transform the space and encourage a sale. Examples of minor upgrades in the bathroom can include re-caulking the tub surround, giving the tub a new coat of glaze, replacing the sink, or updating all the fixtures so that they match. With an ROI of up to 102 percent, this is a popular reason for some to take out a home equity loan.

4. Increase Curb Appeal
“Curb appeal” can have an effect on the buyer’s initial reaction to the property, and it can make or break their first impression. Increase appeal by laying sod to reinvigorate a front lawn, trimming back overgrown hedges, cleaning the driveway, clearing any pathways and installing exterior lighting. Dona DeZube, writing for Front Door, estimates the ROI for landscaping projects at 100 percent.

5. Maximize Garage Storage Space
According to the National Association of Home Builders, ample garage storage is an important feature for 86 percent of potential buyers. Clear out the garage to showcase its size, and empty or organize interior closets. If possible, add in shelving units or additional rods to maximize storage space in existing areas.

6. Clean Carpets
Experts from the National Association of Home Builders report that old, dirty or matted carpet can be a detriment to a home sale. Professional carpet cleaning services cost as little as $100, which can easily be recouped. Old or worn rugs may need to be replaced entirely.

7. Inspect Plumbing and Electrical Systems
Many potential buyers are concerned about buying a hidden fixer-upper or a home that needs a lot of plumbing or electrical work after purchase. Pass any future home inspections by hiring both a plumber and an electrician to check existing systems and handle any minor repairs.  Brendon Desimone of Zillow says a pre-market inspection can save you money in the long run.

8. Upgrade the Front Door
According to HGTV, exterior improvements like an updated front entry can offer a potential ROI of 95.5 percent. If replacing the door itself isn’t necessary, a fresh coat of paint or new hardware can help create a positive first impression.

The last step after determining which projects are right for you is to determine your best choice of financing your upgrades. One option is using your home equity

Visit usbank.com for more information about a home equity line of credit.