Boost Your Home’s Value: 6 Smart and Affordable Renovation Tips

Home renovations can be tricky with costs that might spiral out of control, messing up even the best-laid plans. A surprising study showed that 34% of homeowners bust their renovation budgets, mostly because they underestimated how much stuff and help would cost. To dodge this, pros suggest tacking on a 10% to 15% buffer to your budget for those just-in-case moments.

At Synchrony, we're dedicated to providing financial solutions that empower you to achieve your home improvement goals without compromising on quality or financial health.

Here are six budget-friendly home improvement projects that not only add value to your property but also align with our mission of helping you make the most of the money you make. Remember, before diving into your renovation, do your homework on material and labor costs, and don’t forget that financial cushion!

Boost Your Home’s First Impression: Enhancing Curb Appeal

The outside of your place really sets the stage. A few smart tweaks can seriously up your home’s curb appeal without breaking the bank.

• • Budget-Friendly Landscaping: Think about planting some eye-catching flowers, laying down fresh mulch, or trimming back bushes. Go for easy-care plants like succulents or perennials to keep maintenance costs down.
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• • Exterior Paint and Minor Repairs: Apply new paint and perform minor repairs to boost appearance affordably. A well-maintained exterior suggests a well-kept interior, potentially increasing buyer interest.
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• • Front Door Facelift: Swapping out a dated front door for something more current can make your home look way more inviting. Adding simple touches like seasonal wreaths or cool chairs can also spruce up your entryway.

Kitchen Updates: The Heart of the Home

The kitchen is often the center of the home, and even small updates here can significantly increase your property's value. In fact, minor kitchen renovations can yield a return on investment of up to 98.5%.

• • Cabinet Refacing and New Hardware: Instead of shelling out for a total redo, why not reface your cabinets and switch up the hardware? It’s a way to transform your kitchen without the hefty price tag of new cabinets.
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• • Countertop Upgrades: Putting in new countertops can change the whole vibe of your kitchen. Options like laminate or butcher block can mimic the upscale look of stone without the steep cost.
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• • Fresh Paint: A new splash of paint can freshen up your kitchen. Choose shades that go well with what you’ve already got for a unified look.

Bathroom Enhancements: Cost-Effective Elegance

Sprucing up your bathroom doesn’t have to cost a fortune to add both value and style.

• • Fixture and Faucet Upgrades: Bringing in modern fixtures and faucets can give your bathroom a fresh, new feel without a major spend.
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• • Bathtub Makeover: Reglaze or replace the bathtub for enhanced appeal. A pristine bathtub can make the bathroom feel more luxurious and appealing.
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• • Mirror and Lighting Enhancements: Update mirrors and lighting for a luxurious feel. Good lighting can transform the mood of the bathroom, making it a key feature during home tours.

Energy-Saving Upgrades: Saving Money & The Planet

Going green not only cuts down on your bills but also boosts your home’s market appeal.

• • Insulation and Sealing: Better insulation and sealing can improve your home’s energy efficiency, which means lower heating and cooling costs.
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• • LED Lighting: Switching to LED lights is a cost-effective way to reduce energy use while keeping your home bright and welcoming.

Flooring Updates: Foundation for Style

New flooring can completely change the look of a room and is a key element in home makeovers.

• • Refinishing Hardwood Floors: This can greatly enhance your home’s look and value. Whether you do it yourself or hire pros, it’s a smart investment.
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• • Affordable Laminate or Vinyl Options: These materials offer the chic look of hardwood or tile but are cheaper and easier to keep up.

Smart Home Technology: Modernizing Your Living Space

Adding smart home tech can boost both the functionality and appeal of your place. Start with impactful upgrades like smart thermostats and expand to other smart home technologies. Smart home features are appealing to tech-savvy buyers and can significantly enhance the home’s appeal and functionality.

The Bottom Line: Picking Strategic Home Improvements for Maximum Impact

The right projects can enhance your home’s value without overspending. Synchrony offers financial solutions to effectively fund your renovations, ensuring that each improvement not only adds comfort but also increases your home’s resale value.

Explore Synchrony Bank's savings products to fund your home improvement projects, featuring competitive rates and flexible terms.

 

Fiona Tapp is an award-winning writer. Her work has appeared in The Boston Globe, The Washington Post, The Atlantic, The Sunday Times and others.