As the housing market continues to be hot, even if you’re not selling your home, it’s time to think about home improvements. This is a double-edged approach to protecting your asset and improving its curb appeal. Whether you want a minor remodel, a new roof, or add modern features, you can use available funds or refinance your mortgage. The great thing in the current market is refi rates are still at an all-time low.
Let’s look at some of the most common home improvements, general costs, and financing. The listed costs are based on the cost estimator at homeadvisor.com. Costs will vary depending on the size of your home, materials being used, cost of labor (or if you’re doing the work), and location.
A Fresh Coat of Paint
A great way to liven up your home is a new coat of paint, outside and inside. If you plan on selling within a couple of years, be sure to use neutral tones. Otherwise, choose fun colors for accent walls to match your décor and lifestyle. Average-sized rooms will require 2-3 gallons of paint, about $120 per room with supplies if you do the painting. Professional painters will charge about $300 per room. A professional isn’t required for the outside of your home but can often get it done efficiently for around $3,000.
Faucets, Doorknobs, and Fixtures
Most homeowners replace doorknobs and fixtures as they wear out or break. Often, these are forgotten over the years, and the home has a mish-mosh of finishes. It can be pretty surprising how fresh, matching faucets, cabinet knobs, and doorknobs revitalize your home. These are items you can easily handle yourself. Go room by room or all at once for this relatively low-cost do-it-yourself project. Doorknobs range from $4 to $30 each, depending on type and finish. Faucets range from $20 to $200, and drawer and cabinet fixtures start at $2 each.
Backsplashes, Counters, and Flooring
Technology in flooring, counters, and backsplashes make it easy to change things in a snap. It’s often now simple peel-and-stick products that look great. With high-traffic flooring, you may want to go the traditional route, but guest bedrooms and bathrooms and any backsplash is a no-brainer for peel-and-stick. Costs start under a dollar per square foot and can generally be completed by anyone.
A New Roof, Windows, and Doors
If your home is more than 20 years old, you may want to consider replacing the roof, windows, and doors. Depending on the age of your roof, weather, storms, and quality of roofing, a qualified professional should inspect your roof every ten or so years. Take into consideration any hard to open or close windows and doors. This can be done all at once or just replacing the ones in need of repair. The advantage of replacing everything at once is to have a consistent, polished look throughout your house. Window and door replacements start around $6,000 for total replacements up to $40,000. It’s all about materials, pricing, and details. Unless you’ve professionally installed these before, leave it to the professionals. If you cannot afford the all-at-once approach, replace windows for entire rooms where you replace one window or more.
Paying for Upgrades
Altogether, the cost of maintaining a home can be daunting. A refinance may be the best option, mainly if you’ve lived in the home for at least seven years. Check with one of our professionals today about your best option, which could be a refinance or home equity line of credit (HELOC).