Luxury on a Budget: 8 Affordable Home Improvements

Hello there, savvy homeowners! Are you dreaming of a luxury home but worried about the costs? In this post, we’ll show you how to inject luxury into your living space with affordable home improvements that increase your home’s overall value.

When making improvements, it’s important to consider both the cost and the “return on investment” or ROI.So, for each affordable home improvement below, we also explain what you can expect your up-front costs to be and the increase in value.

1. Paint Makes Perfect

A fresh coat of paint is one of the most affordable home improvements and can work wonders! Choose high-quality paint in neutral or trendy colors to instantly refresh your living spaces.

When making improvements, it is essential to consider both the cost and the Return on Investment (ROI). If you are curious about the expenses for a fresh coat of paint, they primarily depend on the room size and the paint type you select. On average, the cost can range from $200 to $400 per room. A freshly painted home can see a return on investment of up to 107%.

That’s more than what you invested. So, in essence, a little bit of investment in paint now could mean a more substantial return when you decide to sell your home.

2. Light Up Your Life

Light fixtures are affordable home improvements that can add a lot of luxe. When it comes to calculating the costs of upgraded lighting, there are a few factors to consider. First, the cost of the light fixtures themselves can vary widely, from as little as $20 for a modest ceiling light to several hundred or even thousands of dollars for designer chandeliers. Second, you’ll need to factor in installation costs, which can run anywhere from $50 to $200 per fixture if you hire a professional.

As for the ROI, upgraded lighting can significantly enhance your home’s appeal, making it more attractive to potential buyers. Replacing old light fixtures can increase your home’s value by 1% to 3%, and possibly more if you opt for energy-efficient lighting.

Moreover, LED lights can last up to 25 times longer than traditional bulbs, saving you money in the long run. They also use about 75% less energy, which can noticeably reduce your monthly energy bill. So, while the upfront costs might be higher, the ROI in terms of energy savings and increased home value makes upgrading your lighting a wise investment.

3. The Power of Crown Molding

Crown molding can transform a room from plain to sophisticated. And it can significantly raise your property value.

Installing crown molding might seem like a task for a professional, but it’s an achievable DIY project that can cut down costs significantly. An average range for crown molding materials is between $0.45 to $4.50 per linear foot, depending on the material you choose. Installation by a professional can add $2 to $6 per linear foot to your cost. So, if you’re handy, doing it yourself can save you a good amount of money.

In terms of ROI, crown molding can enhance your home’s appeal to potential buyers. Just by adding crown molding to your rooms can increase your home’s value by up to 7 percent. This increase in value, coupled with the relatively low cost of materials, makes this a valuable and affordable home improvement project. It’s a little touch that can make a big difference, proving yet again that luxury doesn’t always have to come with a hefty price tag.

4. Upgrade Your Hardware

Swapping out old doorknobs, drawer pulls, and light switches are easy and affordable home improvements that can give your home a modern, luxurious feel.

The cost of upgrading your home’s hardware will largely depend on the type and quality of the fixtures you choose. Basic door knobs and drawer pulls can start as low as $2 each, while high-end fixtures can cost $50 or more each. Replacing a home’s full set of hardware can range from $100 to several thousand dollars, depending on the size of your home and the fixtures you choose.

Regarding the ROI, upgraded hardware is one of the best investments you can make. According to a report by Remodeling Magazine, replacing your hardware can result in an ROI of up to 86%. While the initial costs may seem high, the potential return on investment makes this an upgrade worth considering.

5. Backsplash Brilliance

A stylish kitchen backsplash can make a big impact. Overall, it is also an affordable home improvement, given the pack it can punch. The cost of installing a kitchen backsplash can vary widely, depending on the material you choose and the size of your kitchen. For example, ceramic or porcelain tiles can run anywhere from $2 to $20 per square foot, while more luxurious materials like natural stone or glass can cost up to $50 per square foot. If you choose to hire a professional for installation, this can add an additional $10 to $40 per square foot to your costs.

As for the ROI, a kitchen backsplash can add 5-15% to a home’s value depending on the materials you choose, among other factors. This makes a kitchen backsplash both a practical and financially savvy choice for those looking to add a touch of luxury to their home while also increasing its value.

6. Invest in Landscaping

First impressions matter, and a well-maintained garden can boost your home’s curb appeal. Even simple projects like planting flowers or installing outdoor lighting can make a big difference.

Investing in landscaping can range from a few hundred to several thousand dollars, depending on the scope and scale of your project. Basic enhancements like planting native flowers, mulching, and adding a simple irrigation system can cost between $200 and $3,000. More complex projects, such as installing patios, decks, or outdoor lighting, can run anywhere from $1,000 to $40,000.

The ROI on landscaping is substantial, often yielding more than 100% return. According to a study by the American Society of Landscape Architects and Money Magazine, landscaping can increase the resale value of your home by 15%, potentially turning a $300,000 home into a $345,000 one. Furthermore, a well-landscaped home sells on average 6 weeks faster. Therefore, investing in your garden not only makes your home more appealing but also adds considerable value, making it a wise financial decision.

7. Bathroom Bliss

Bathroom upgrades can significantly boost your home’s value. Don’t worry, ‘we’re not talking about a major remodel. It can count as one of the affordable home improvements. According to a report by Remodeling Magazine, minor bathroom remodels can provide an ROI of up to 102%. This high return is due to the increased appeal to potential buyers – a modern, well-appointed bathroom can be a key selling point. Even on the lower end, you’re likely to recoup at least 50% of your investment upon sale, making bathroom upgrades an affordable and profitable home improvement project.

Upgrades to your bathroom with a new showerhead or faucet can make your bathroom feel like a spa retreat and can cost as little as $50 to $200. If you opt for high-end fixtures or additional features like a rain shower head, costs could be around $500 or more. And if you use a professional to do the installation factor in $100 to $200.

8. Window Treatments Wonder

Never underestimate the power of stylish window treatments. They provide privacy and light control and significantly contribute to your home’s overall aesthetic. Whether you choose elegant drapes, contemporary blinds, or minimalist shutters, updating your window treatments can create a luxurious feel without a hefty price tag. They can also add a pop of color or texture to any room, offering an affordable yet impactful home update.

The costs associated with updating window treatments can fluctuate significantly based on the type of treatment and the size and number of windows in your home. Basic options, such as blinds or shades, can start as low as $20 per window, while more luxurious treatments like custom drapes or shutters can cost several hundred or even thousands of dollars.

As for the ROI of window treatments, it’s not as straightforward as some other home improvements. Undoubtedly, updated, stylish window treatments can enhance the aesthetic appeal of your home significantly. Real estate agents often agree that homes with updated window treatments sell faster than those without, implying an indirect return on investment. Buyers appreciate these finishing touches, and they add to the overall appeal and perceived value of your home. Thus, while it may be difficult to quantify the exact ROI of window treatments, there’s no denying their contribution to a home’s overall appeal and potential resale value.

Affordable Luxury Awaits!

So now you know! Home improvement doesn’t have to be expensive to be luxurious. With these affordable upgrades, you can enjoy the luxury you deserve without straining your budget. So why wait? Start planning your home improvement project today!