Five Remodeling Projects for Under $10,000
So you've decided not to trade up after all. Even more, you don't want to dump a lot of money into fixing up your house if its value–and your equity–are likely to be flat or even falling in the next few years.
That said, you can still add to your home's resale value (and your happiness) with a budget-minded remodeling project. True, of the top 10 projects for increasing your home's value for the dollars spent, "there's really only two or three that you can do for under $10,000," says Sal Alfano, editorial director at Remodeling, whose annual "Cost Versus Value" report ranks the projects with the biggest payback.
But while adding a bathroom (about $30,000), a sunroom ($50,000), or a master bedroom suite ($95,000 and up) will return about 70 cents for every dollar invested, Alfano's latest analysis finds that you may get even more bang for your buck with lower-cost improvements, such as replacing the windows ($10,000), siding ($9,000), or the kitchen cabinets and appliances ($17,000), which will yield some 88 cents on the dollar.
Of course, you might not get quite as much enjoyment out of new vinyl siding as you would from, say, a new bathroom with a sunken tub and Jacuzzi jets, "but you'll increase your curb appeal and lower your maintenance," says Alfano, "which will definitely add to your happiness."
Here are five remodeling projects, each of which can be completed for about $10,000, and all of which can help make you feel better about staying put:
• A Deck Is a Simple Way to Add Space
• New Windows Will Brighten Your Outlook
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