Can't Sell? Then Try These Affordable Remodels
So you've decided not to trade up after all. And you don't want to dump money into fixing up your house if its value-and your equity-are likely to be flat or falling.
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.
But while adding a bathroom (about $30,000), a sunroom ($50,000), or a master bedroom suite ($95,000) will return roughly 70 cents for every dollar invested, Remodeling's latest data show that you may get even more bang for your buck with lower-cost improvements, such as replacing vinyl windows ($10,000), siding ($9,000), or the kitchen cabinets and appliances ($18,000), which will yield up to 88 cents on the dollar. Of course, you might not get quite as much enjoyment out of new vinyl siding as you would from a sunken tub and Jacuzzi jets, "but you'll increase your curb appeal and lower your maintenance," says Alfano.
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:
MINOR KITCHEN REMODEL
A new kitchen for under $10,000? It's doable if you head for the nearest Ikea megastore, where a set of 18 replacement cabinets will run you about $4,000 and up. Add another $3,000 for installation and about $1,500 for new Formica countertops, and you'll transform your kitchen for about the cost of a fancy Sub Zero refrigerator. Another option is to reface your existing cabinets, leaving shelves in place but laminating exposed surfaces and replacing the doors, which can cost about a third as much as new cabinets but yield much the same result. If you're content with your cabinets, consider new high-efficiency appliances (you can find a list of top-rated models at www.greenerchoices.org). Alfano says that will both improve your home's marketability and reduce your electric bill.
REPLACE THE WINDOWS
It's amazing what new windows can do for your perspective, and for your home's curb appeal. In recent years, vinyl models have dramatically improved in quality while falling in price. Although they come in only a few colors-mostly white, black, and beige-they never need repainting, and their double- and even triple-pane glass makes them vastly more efficient than older windows, especially those framed in poorly-insulating aluminum. Windows can be done in stages. But Alfano suggests doing eight to 10 at a time, which installers can usually complete in a day. Even better, if you install Energy Star-rated models in 2007 (examples at www.efficientwindows.org), you can take advantage of a $500 federal tax credit that will nearly cover the cost of the first two windows.
REMODEL THE BATHROOM
Unlike adding a bathroom, which between plumbing and all the rest runs $30,000 and up, a basic makeover can be done for less than half the cost and offer more bang for the buck, especially if you have two bathrooms (which is considered about average for a three-bedroom home). Start by upgrading your toilet to a low-flow model. Then add new tile, such as glass varieties that can give the illusion of depth in a small space (ideas and examples are at www.hakatai.com). Starting at about $5 a square foot, these popular tiles can also be used to accent lower-cost ceramic tiles. "Maybe the bulk of the room is just plain ceramic vanilla, but then you splurge on metallic blue glass for the border and it creates a stunning effect for not much money," Alfano says.
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