Smart Banking Tips

Adding Value to Your Home

Posted on 14. Jun, 2010 by Adam Weight in Family Finances, Loans & Credit, Ways to Save

I recently took on a few projects to add value to my home—some remodeling in my basement and a kitchen facelift. These were big projects that took time, hard work, and money. I have learned a few things in the process that I wish I’d have known sooner. 

As it turns out, whether you’re selling your home or you just want to improve it, one of the best places to start is the kitchen, because kitchen remodels often have the highest return on investment, whether you’re selling or just wanting to make a change.

There are a variety of relatively simple do-it-yourself kitchen improvement projects. I found the following budget-friendly ideas that would have been good to know before I started:

• Do your homework first. It will likely save you time, money, and a headache or backache.
• Replacing kitchen cabinets can be an unnecessary expense. Painting, refinishing or refacing cabinets can cost a quarter of what new ones may cost. New cabinet hardware is also a great way to add life and personality to old cabinets.
• Replacing your countertops is second on the list of major expenses. Prices have come down considerably for granite and other popular stone finishes, so do your homework and get competing bids. You may even consider using granite tiles and installing them yourself. Laminates have also improved in quality and they are generally more economical.
• Give your kitchen a polished look with a backsplash. You can purchase a sheet of stainless steel and create a modern look, or you can tile your backsplash yourself. It’s much more affordable than having a designer do it and it adds color or a nice design element.
• Stainless appliances are nice but pricey. Consider replacing old appliances with basic white or black. You may even be able to use inserts from the manufacturer to make your existing appliances match.
• Update your lighting. Just like cabinet hardware, new light fixtures can add a nice designer touch without much expense. If you like your current fixtures but wish they were a different color, paint them. There are heat-resistant paints that cover just about any surface.
• One of the most economical ways to add new life to an old kitchen is with a can of quality paint. Semi-gloss or gloss is recommended for kitchens because it cleans up well.  Take the time to do the necessary prep work and masking to protect cabinets, counters, and appliances from spills or splatter.
• Add small touches. Something as simple as a piece of art, a bulletin board or a towel rack hung in the right location can add a personal touch as well as a designer look and feel.

Remember to be wise in your budgeting and spending for the project, too. Added debt can easily negate any added value. Consider doing a portion at a time in order to maintain fincancial strength and to avoid unecessary debt.