12 Budget-Friendly Home Renovations That Offer the Highest Returns

Home renovations are a booming industry, with Americans spending over $400 billion on home improvements and repairs in 2021 alone.1 

As homeowners look to enhance their living spaces and boost their property values, it’s crucial to focus on projects that offer the best return on investment (ROI). In today’s competitive real estate market, strategic renovations can make all the difference when it comes time to sell.

1. Refresh Your Front Door

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Your front door is the first thing visitors see when they arrive at your home, so making a great first impression is crucial. A fresh coat of paint in a bold color can instantly transform your entryway and boost your home’s curb appeal. 

For an even bigger impact, consider replacing your old door with a new, energy-efficient model.

2. Update Your Lighting

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Image Credit: Rasstock/Shutterstock.

Lighting can dramatically affect the ambiance of your home. 

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Swapping out dated fixtures for modern, energy-efficient options can not only improve the look of your space but also save you money on your electricity bills. Don’t forget to install dimmer switches to create the perfect mood for any occasion.

3. Give Your Kitchen a Facelift

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The kitchen is often considered the heart of the home, and it’s also one of the most valuable rooms when it comes to resale value. Instead of a full renovation, consider giving your kitchen a facelift by painting the cabinets, replacing the hardware, and updating the backsplash. These small changes can make a big impact without breaking the bank.

4. Upgrade Your Bathroom

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Like the kitchen, the bathroom is another important room that can benefit from a few low-cost upgrades. Installing a new vanity, replacing the toilet, and updating the fixtures can give your bathroom a fresh, modern look. If your budget allows, consider adding a new tile floor or a frameless glass shower door for an even bigger wow factor.

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5. Add Crown Molding

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Crown molding is a simple yet elegant way to add character and charm to any room. This classic architectural detail can make your ceilings appear higher and your walls more substantial. 

Best of all, crown molding is relatively inexpensive and easy to install, even for DIY enthusiasts.

6. Paint Your Walls

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A fresh coat of paint is one of the easiest and most affordable ways to transform the look of your home. Neutral colors like gray, beige, and white are always a safe bet, but don’t be afraid to experiment with bolder hues in smaller spaces like powder rooms or accent walls.

Just be sure to choose a high-quality paint that will withstand wear and tear.

7. Install New Flooring

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If your floors are looking worn or outdated, installing new flooring can make a huge difference in the overall appearance of your home. Laminate and luxury vinyl plank are popular choices for their durability and affordability, but hardwood and tile can also offer a great return on investment.

Remember to choose a style that complements your home’s aesthetic.

8. Upgrade Your Insulation

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While not the most glamorous renovation, upgrading your home’s insulation can have a significant impact on your energy bills and overall comfort. 

Adding insulation to your attic, walls, and crawl spaces can help keep your home warm in the winter and cool in the summer, reducing your reliance on your HVAC system. Plus, potential buyers will appreciate the added energy efficiency.

9. Landscape Your Yard

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Your home’s exterior is just as important as its interior when it comes to resale value. A well-manicured lawn, colorful flowerbeds, and neatly trimmed shrubs can all contribute to your home’s curb appeal.

If you’re not much of a green thumb, consider hiring a professional landscaper to help you create a beautiful outdoor oasis.

10. Add a Deck or Patio

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Outdoor living spaces are more popular than ever, and adding a deck or patio can be a great way to extend your home’s usable square footage. A simple wooden deck or concrete patio can provide the perfect spot for entertaining, relaxing, or enjoying a meal al fresco.

Remember to choose materials that are durable and easy to maintain.

11. Finish Your Basement

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If you have an unfinished basement, converting it into a usable living space can be a great way to add value to your home. A finished basement can serve as a family room, home office, guest suite, or even a rental unit. 

Just be sure to address any moisture issues before starting your renovation, and consider adding egress windows for safety and natural light.

12. Install Smart Home Technology

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Smart home technology is becoming increasingly popular among homebuyers, and installing a few key devices can make your home stand out in a competitive market.

A smart thermostat, security system, or lighting control can all add convenience and energy efficiency to your home. Plus, many smart home devices are relatively inexpensive and easy to install yourself.

Source:
1. Joint Center for Housing Studies

davin
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Davin is a jack-of-all-trades but has professional training and experience in various home and garden subjects. He leans on other experts when needed and edits and fact-checks all articles.