Stay or Sell: Home Improvement Investments to Make On a Medium Budget
March 20, 2014
by Maria Salova
We previously discussed the home improvement investments that you should make if you have a small budget which primarily included the basic updates such as plumbing, electrical, furnace/HVAC, and insulation. These updates are must if they are outdated in your home, no matter what your budget is.
With a medium budget, you have more options in terms of what you can update. Although it is still necessary to update electric, plumbing, furnace, floors, etc. you could still manage transforming a few other places in your home as well.
-Remove the popcorn ceiling because this style is outdated and really shows the years on your home. A smooth ceiling is what is desired by most homeowners and homebuyers, therefore updating that simple detail will help your home look newer. Updating the ceiling could cost anywhere between $140 and $250 for 200 square feet. Although this is something that can be achieved on a small budget, as mentioned in the previous blog post, with a small budget, the best investments would be to help increase the functionality of the home over minor details such as removing the popcorn ceiling.
-Renovate the kitchen. If there is only one project you have room for in your budget, it should be the kitchen. Not only does updating the kitchen help the functionality of your home, but it is the one room that every homebuyer focuses on the most. A kitchen with brand new appliances, updated cabinets, new counter tops, as well as the hardware such as the faucet and sink, improves your home’s value immensely. And let’s face it; a family that loves to eat deserves a new kitchen. The cost of renovating a kitchen can be $5,000 for minor changes and all the way up to $75,000 depending on how upscale the renovation is.
Source: Style Your Space Contest
-Transform the bathrooms. At least transform the main bathroom that guests will be using. The bathrooms are the second most looked at spaces by homebuyers. A newer bathroom will help increase your home’s value as well as provide a better space for you and your family to get ready every day. A better functioning bathroom will make everyday life easier. It could cost between $1,000 and $5,000 to remodel a bathroom. This depends on size of bathroom, how much of it you plan to do yourself, price of sinks, bathtub, and/or shower.
Source: Style Your Space Contest
-Add crown molding to the rooms in your home. Crown molding is another desired detail of the home that is easier to achieve than it may seem and is definitely something you could do yourself. Crown molding is a detail that is classic, therefore it will always be in style, making it an investment that will pay off. It costs between $600 and $1,350 per 200 square feet to install crown molding depending on whether or not you plan to do it yourself, cost of materials, and supplies. If you plan to do it yourself, costs can run much lower than $600 per 200 square feet.
You may be thinking some of these updates are more for a large budget than a medium budget, but in fact there is plenty you can do in regards to updating with paint alone. If replacing all of the cabinets for brand new ones is out of your price range, sand down your current ones and paint them as well as add new hardware. This alone will make your kitchen look new. The subway tile look is cheaper than most tiles and gives your kitchen a more modern appeal. By doing it yourself, you can save on costs while still achieving your family’s desired look.