If you’re like most people, your home is your nest egg. It’s the thing you’re relying on to go up in value over time to finance your retirement. However, if you want it to maintain its value, you sometimes must spend money on it. In this post, we detail some of the best ways to spend money on your home if you’ve got $5,000 to spend.
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The Best Ways To Spend $5,000 On Your Home
New Exterior Paint Job
Giving your home a new exterior paint job is surprisingly inexpensive, especially if you do it yourself. What’s more, it can help make your property look modern and fresh, even if it was built decades ago.
The average cost of an exterior repaint comes in at around $3,000, depending on where you live in the country. If you need to paint siding or other special materials, the price rises slightly, but it should remain well inside your budget.
New exterior paint not only makes your house look better, but it also protects your home. It fills any gaps that might later become cracks and damage your home.
Upgrade Your Patio
Most people looking to buy family homes expect patios. They want the opportunity to go outside and enjoy their yard without getting muddy feet.
While a wooden deck will likely set you back more than $10,000, patios are generally more cost-effective. A medium-sized 12 by 16-foot area will likely come in at around or below the $5,000 budget.
Most patios are made of pavers, stone, concrete, and brick. However, there are other popular options, too, such as flagstones.
Repaint The Interior
Another inexpensive way to upgrade your home is to repaint the interior. Refreshing every room can give your home a quick and refreshing lift.
Repainting an entire house is less expensive than you think. If you’re planning on doing all the work yourself, it might only cost you $500. However, even if you hire professional contractors to do it for you, the total cost is unlikely to exceed $5,000. For a medium-sized family home, you’ll want to budget somewhere between $1,500 and $2,500, depending on where you live.
Add Hardwood Floors
Hardwood floors are another great way to spend $5,000 because they add lasting value to your home. It’s a feature that many buyers want because it reduces maintenance costs and also the number of times they’ll need to replace the flooring in the future.
How much you have to spend on hardwood flooring depends on the size of your total floor area and how many rooms you want to convert. The average cost nationwide of a hardwood floor conversion is around $4,600, though you don’t need to spend that much if you only want to convert one room.
Some high-end floor plans can cost more than $10,000, but they aren’t necessary for most homes.
Built-In Bookshelves
Another popular option is built-in bookshelves. These are sought after at the moment because they do an excellent job of creating focal points in your rooms. They’re suitable primarily for the lounge, but you can also include them in offices, studies, and even dining rooms in some settings.
Flatpack versions are incredibly affordable. You’re looking at less than $1,000 to cover an entire wall in storage space.
Bespoke, custom-made bookshelves are a little more expensive, but not too bad. You’re looking at a price closer to $2,500, but still well under the $5,000 budget.
Kitchen Appliances
Kitchen appliances are a popular way to spend a $5,000 home improvement budget, too. Of course, you could spend considerably more than this on a top-of-the-range kit, but just getting stainless steel equipment can dramatically improve your kitchen.
According to national reports, the average homeowner plans on spending more than $10,000 on their kitchen renovations. However, you don’t have to do all the expensive things, like plumbing and replacing cabinets to get a more functional and capable room. If you simply want to make better food, replacing your appliances is the obvious choice.
Patio Doors
Contemporary living means having an easy transition between indoor and outdoor spaces. However, to do that, you need patio doors.
If you already have doors installed, you can improve them. Renewal by Andersen, for instance, discusses innovations that have come to market over the last few years to improve homeowners’ quality of life. Double-glazed, sliding, and swing-out doors are all available.
Kitchen Countertops
Kitchen countertops are a great option for refreshing your kitchen and adding a little character to the room. There are many options, including classic wood, laminate, marble, and granite.
Getting a granite or marble countertop might seem like it falls outside of the $5,000 range, but surprisingly, both these options are within budget (if you plan on covering less than 50 square feet). If you’re looking for something much cheaper – say just $1,000 – then laminate should do the trick.
Remember, how long your new countertop lasts depends on the material you use. Granite is probably the hardest wearing, which explains its popularity, while laminate or other MDF-based solutions will require replacement in ten years or less.
Bathtub
If you’re not looking to improve the kitchen, you might want to turn your attention to the bathroom. Replacing the bathtub or the shower can transform the room while also coming in well under the $5,000 budget. You might want to upgrade to a jacuzzi with water jets or fit a low-flow showerhead to slash your water bills.
Open Floor Plan is One of the Best Ways to Spend
Lastly, you might consider investing your $5,000 in creating an open floor plan. An open floor plan usually requires removing a non-load-bearing wall and replacing it with an arch (or getting rid of it entirely). If you want to knock through a load-bearing wall, you’ll need to add structural support, which is more expensive.
