When it comes to home renovations, not all projects are created equal in terms of the value and return they can provide. While you might want a new kitchen, it's hard to know if it's worth the output of cash.
MoneyLion spoke to experts who have done hundreds of home remodels over the years to highlight which renovations are truly worth the investment.
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Here are five projects that are worth the money, according to experts.
New Paint Is an Inexpensive Refresh
Estimated cost: $500-$5,000
"Not only does new paint make a room look good, but it also makes it smell fresh and well-maintained too!" said Brandon Walker of ASAP Restoration LLC. "A fresh coat of paint and a little drywall mud will cover up years of bad decisions in the kitchen, accidents in the bathroom and that divot in the wall from when the kids first learned how to play baseball."
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Upgrade the Kitchen
Estimated cost: $15,000-$40,000
"You may not have the funds lying around to do a total kitchen remodel, but replacing the cabinets is a great way to get some good return on investment (ROI) out of a property," said Josh Rudin of ASAP Restoration LLC.
Jacob Rhodes of TrueTrac added, "Think of your kitchen as the heart of the home. Kitchens are a major selling point and a joy to use in an updated form. New cabinets, countertops and appliances can make it super modern and functional. Plus, it'll add value when you sell -- win-win!"
Bathroom Refresh Adds Value
Estimated cost: $10,000-$25,000
"Buyers love clean and updated bathrooms. New fixtures, tiles and maybe even a walk-in shower will make yours a spa-like retreat. Plus, it gives you a nice ROI when you sell," Rhodes said.
Invest in the Basement
Estimated cost: $20,000-$50,000
Rhodes recommends finishing or upgrading the basement: "Turn that unused basement into something awesome. Family room, home office, gym -- the possibilities are endless. Plus, it adds major living space without a massive additional cost, and again, most of that money comes back when you sell."
Deck Addition Expands Living Space
Estimated cost: $7,000-$15,000
"Expand your living space with a deck. Perfect for entertaining or just relaxing outdoors," Rhodes said. "It adds value and most of the cost comes back when you sell -- and way cheaper than adding a whole new room."
This article was provided by MoneyLion.com for informational purposes only and should not be construed as financial, legal or tax advice.
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