Your home is a big investment, and if you keep your home up to date and well-maintained — even with just $20,000 — you could see your hard work pay off. Remodeling can boost the return on your investment, and the renovation cost can be recouped when you decide to sell. Before you break out the hammer and nails, create a realistic budget and plan what you want to accomplish.
Trevor Leysock, owner and general manager for the Handyman Connection in Charleston, South Carolina, recommends saving a portion of your budget to put toward necessary repairs. “If you have $20K saved for home improvements, take a small portion and consider making necessary repairs first — especially when it comes to plumbing, electrical and wood rot issues, which can progressively lead to higher repair costs down the road,” he says.
Here are several home improvement projects under $20,000.
— Garage makeover.
— Fireplace transformation.
— Revamp the front porch.
— Deck resurfacing.
— Finish the basement.
— New siding.
— HVAC conversion.
— Luxurious flooring.
[Related:10 Home Renovations Under $10,000]
Garage Makeover
“Homes are definitely valued higher when the garage space is finished and well organized. It demonstrates that the homeowner takes pride in their home and has invested in the space,” says Aaron Cash, managing partner and president of franchise systems at Garage Living, a garage remodeling company that offers services throughout the U.S. and Canada.
If you have a $20,000 budget, Cash says you can get a garage makeover that includes a garage floor coating to help keep the floor clean and dust-free. You can also install overhead storage and wall organizers to keep tools and other belongings off the floor. And the company offers a wide range of high-quality steel cabinetry, such as storage lockers and workbenches.
“We meet with our clients in their homes to discuss their needs, understand their lifestyles and understand their space and design aesthetic, (then) we put together a solution and a plan that addresses those needs and wants and desires,” says Cash.
[READ: 8 Things You Shouldn’t Keep in Your Basement or Garage]
Fireplace Transformation
The fireplace isn’t usually at the top of homeowners’ renovation lists, but with a $20,000 budget, you can transform your dull hearth into the showstopper for any room. Leysock says his company performs several of these transformations each year, which attract a lot of attention at home shows.
“In many homes, the fireplace area is designed as the focal point of the family room or great room,” says Leysock. “Here in the South, we also see a lot of ‘faux’ fireplaces or non-wood burning units, which can provide more flexibility to the material selections that can be used.”
Leysock explained that many homes built in the 1980s and 1990s have outdated mantels, hearths and surrounding trim and stone. “Often dark in color, an upgrade can lighten up the room and give the feel of having more space,” he says.
According to Leysock, these renovations have a wide range of price points depending on the scope and material selections, but you can get a beautiful fireplace for under $12,000.
Revamp the Front Porch
The first thing people see when they approach a home is the front porch area and front door, Leysock says. This is a great area to start if you want to boost your home’s curb appeal. “With many raised homes in our area, we see many customers looking to replace worn wood stairs, railings and porch decking with composite materials. This not only opens up a range of color selections but saves a lot of maintenance over the years,” he adds.
Leysock says most of his company’s projects fall within the $10,000 to $20,000 range, including materials, but the cost depends on the size of the porch. “We love these transformations as we often get some shoutouts from neighbors and sidewalk travelers about how much the renovation improved the whole look of the home,” he says.
Deck Resurfacing
If your deck needs some work and the framing is in good condition, you can still see a big transformation for under $20,000 by upgrading to composite decking and railings. “We are fortunate to live in a region where we can entertain outside most of the year, and these types of renovations provide a great ROI and customer satisfaction,” Leysock says.
You can also surround the space below the deck with PVC skirting or lattice, he adds. This can dramatically change the whole look of the area and requires little maintenance.
[Related:How Much Does It Cost to Add a Screened-In Deck or Porch to Your House?]
Finish the Basement
“My number one suggestion for homeowners is to consider a basement remodel — it’s almost like unlocking extra square footage and can be a total game-changer in terms of ROI,” says Scott Bergmann, Realtor with Realty ONE Group Sterling in Omaha, Nebraska. He suggests using this extra space as a cozy family room, home office or guest bedroom. “Finished basement square footage can get you anywhere between 30%-50% of the value as main floor price, per square foot, so this is definitely an option worth looking into,” he says.
According to home services directory company Angi, finishing a basement costs $18,400 on average. Legally, a finished basement must have heat and electrical supply with an entrance that meets code requirements and finished walls and ceilings. Most include a finished floor as well.
New Siding
Vinyl is one of the most popular choices in siding, and it comes in a range of colors, finishes and styles. According to Remodeling Magazine’s 2023 Cost vs. Value Report, vinyl siding replacement costs $16,348 with a 94.7% ROI. There aren’t many other siding materials that are less expensive than vinyl, and there’s little maintenance involved.
Another option is to remove a 300-square-foot band of existing vinyl siding from the bottom third of the street-facing side of your home and replace it with manufactured stone veneer. Data from Remodeling Magazine shows that this project costs $10,925, and it has an ROI of 102.3%.
HVAC Conversion
One of the top home renovations with the highest return on investment is an HVAC conversion. According to Remodeling Magazine, replacing a fossil fuel-burning furnace with an electric heat pump for heating and cooling a 2,000-square-foot home costs $17,747 and has an ROI of 103.5%.
A heat pump uses technology similar to what’s found in a refrigerator or air conditioner. It extracts heat from the surrounding air, ground or nearby sources of water and transfers the heat into your home. In the summer, the heat pump cools your home using interior coils that function as the evaporator. Heat pumps distribute hot or cool air through your home’s ductwork.
Luxurious Flooring
Sean O’Rourke, national director of merchandising at Floor Coverings International, says that for under $20,000, you can install a luxurious carpet or a waterproof vinyl floor. “Waterproof vinyl flooring and installation ranges from a basic $7 per square foot for something like Cali Flooring Builders Choice 7″x 48″ to as much as $15 per square foot for Shaw Industries Grandiose 9″ x 72″ x1/2″ thick, which is super comfortable to walk on,” O’Rourke says.
For the bathroom, O’Rouke recommends floating waterproof vinyl and laminate flooring. “Ceramic tile tends to be the most expensive flooring option and is the product of choice in bathrooms. Bathroom or wet work jobs can burn through your budget very quickly, especially when plumbers and other construction trades get involved,” he says.
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8 Home Renovations Under $20,000 originally appeared on usnews.com
