Your home is your sanctuary. So, we know how often you think about renovating it. In the past 2 years, you have probably spent more time than ever in your house and now know what needs to be repaired and replaced. There are plenty of improvements begging for your attention, and we say you should make them now!
Why?
Well, you will give the inside and outside of your house a facelift and raise its value. According to a report by HomeAdvisor, in 2020, around $8,305 was spent on home renovation projects by individual homeowners. So, that’s a little above our margin, but we found the average cost under $3,000.
First, whether you are renovating your home for its sale or making it look more stylish, what you will need most is a loan. The amount of money needed to make some of the common renovations that get noticed immediately should be between $3,000 and $5,000. A great option would be to get a payday loan from online financial institutes such as City Finance.
So, without further ado, let’s take a look at some of the most popular home renovations:
1. Replace the Front Door
Your front door is the main attraction of your house. Yes, curb appeal matters too, but it’s the front door a guest walks up to and knocks on to enter the house. The best thing about replacing your front door is that you recoup more than half of its price in the sale. In fact, according to a report by Remodeling Magazine, the average ROI on replacing the front door is 74.9%. Make sure to choose dark colours because they have a visually appealing impact. Some of the best colours include dark brown, maroon, and reddish-black.
A front door can cost you around $1,800. If you want something unique, a hand-carved, custom door will cost you $3,000. You probably think that $3,000 is a steep price, but in return, your house will get a stunning entrance, and you will get the money back when you sell the house.
● Replace the Garage Door
Your garage door is another entry point that makes a huge impact. As a big of the exterior, you need to make sure that it is in good condition. The average cost of replacing the garage door, depending on what design you are choosing, is between $1,500 and $3,500. This renovation will recoup 93.8% of the cost.
2. Remodel Your Kitchen on a Small-Scale
The one room in the house where most of your time is spent in the kitchen. Your kitchen is full of fixtures that get damaged pretty fast due to constant use. From scratches on the kitchen counter to peeling paint on the cabinet and faulty faucets, there are several things that you can get replaced for under $5,000. Try to include remodels in this budget rather than buying new appliances.
Let’s start with stone countertops. A marble counter will cost you around $2,000 to $3,000 per square foot costing $50. A water-saving faucet will cost you around $150 to $200, and repainting the kitchen cabinets will cost you $1,500. That still saves you a couple of hundred dollars, which you can use to buy a few knick-knacks such as refrigerator magnets or frames to spruce up the kitchen.
All in all, by spending this $5,000 on your kitchen, you recoup at least 85% of your spending, which will add around $4,250 to your house price.
3. Upgrade the Bathroom
Any place where utilities are installed could use a few upgrades. If your bathroom has an outdated shower/tub combo, perhaps it’s time to replace it with a free-standing tub or modernize the bathroom with a glass shower stall and jets. The luxurious feel of these fixtures is incomparable. From tiling, the floor to installing lights and changing the bathtub and sink fixtures, expect to pay between $3,000 and $4,700. However, this is the price of one bathroom, so you might want to decide which bathroom to renovate and which ones get the touch-ups. This remodelling project will allow you to recoup at least 90% of the total cost.
4. Install a Wooden Deck
Having an outdoor space to enjoy with your family or friends or spend nights alone reading a book and sipping coffee can be amazing and cathartic. So, if you plan to use your payday loan from an online lender such as City Finance to install a deck, that will be money well spent. A wooden deck costs around $3,500 made from high-quality material. You can use the rest of the money to furnish it with a comfy sofa or a hanging chair, a rug and other accessories.
Most home renovation projects recoup around 50% to 80% of the cost, and a deck recoups 100% of the cost because it’s the most practical remodel.
There are a few more remodelling projects that you can get done under $5,000, such as the exterior and interior paint, repairing the patio and giving it a touch-up, hardwood floors, an open floor plan that will create more space and combine the living room and the kitchen, and built-in bookshelves. Since the latter ones are low-cost, you can make a few additions here and there to improve your home’s interior further.
Final Word
Remodelling is a costly and time-consuming process that requires your full attention. You need to pick the right rooms to renovate based on the cost they recoup so that you can fully utilize your payday loan.
One of the biggest benefits of this type of loan is that you receive approval within a few days, and there are no restrictions on how you use it. You can pay off the loan from anywhere between 12 weeks and 10 months, and this is more than enough time to get the remodelling project completed. In the meantime, start saving to pay back the loan.
