I’m a Real Estate Agent: Here’s the Best $5,000 You Can Spend on Your Home Right Now

AJ_Watt / Getty Images
AJ_Watt / Getty Images

If you own your home and are thinking about selling it, you might want to spend some money on it first. That way, you can improve its value — perceived or actual — and potentially get higher or more competitive offers from buyers.

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Even if you don’t plan to sell in the near future, making a few minor renovations doesn’t hurt if you’ve got the budget for it. After all, sprucing up your home or adding function to areas that were previously lacking can be a major mood boost.

Whatever your reasons, if you’ve got $5,000 to spend on your home but aren’t sure what to do with it, you’re in the right place. GOBankingRates spoke with Jaclyn Anastasakos, a real estate agent at LUXE Properties, and Nicholas McMillan, a real estate broker and owner of Hire Realty, about what they would suggest spending $5,000 on right now.

Here’s what they said.

Also see pricey renovations that are worth the cost.

Upgrade Your Kitchen

  • Estimated cost: $3,000 to $5,000

Renovating your kitchen, or even parts of it, can increase the value of your home quite a bit.

“Consider options like upgrading countertops, installing new appliances, or adding a tile backsplash,” Anastasakos said. “With $5,000, you could focus on one or two of these upgrades, depending on your priorities.”

Read More: 7 Appliances Frugal Homeowners Steer Clear Of

Remodel Your Bathroom

  • Estimated cost: $3,000 to $5,000

Like the kitchen, your bathroom has a big impact on your home’s overall perceived value. Depending on which changes you make, even a minor bathroom remodel could improve the overall function of the space.

“You could replace the vanity, upgrade the fixtures or even retile the shower area,” Anastasakos said. “With $5,000, you could tackle a moderate bathroom remodel.”

McMillan suggested focusing on the master bathroom if you have just $5,000 to spend.

“For less than $5,000,” he said, “you can easily repaint, improve the faucets, replace the outdated cabinet hardware and add decorative elements like designer towels.”

Paint the Interior or Exterior

  • Estimated cost (exterior): $3,000 to $7,000

  • Estimate cost (interior): $2,000 to $5,000

“Painting the outside of your house is surprisingly affordable, especially if you do it yourself,” McMillan said. “Furthermore, even if your property was constructed decades ago, it can help it look contemporary and new. Depending on where in the nation you live, repairing an exterior might cost anywhere from $3,000 to $7,000.”

As an added bonus, a paint job can protect the exterior of your home from potential cracks or other damages.

If the exterior already looks great, consider spending your home renovation budget on the interior instead.

“With $5,000, you could paint multiple rooms or even the entire interior of your house,” Anastasakos said. “Consider hiring professionals for a high-quality finish that can enhance the overall aesthetic appeal of your home.”

Put In Energy-Efficient Windows

  • Estimated cost: $3,000 to $5,000

If you’ve noticed high electricity bills or feel a draft whenever you’re near the window, you might want to spend some money on replacing them for double-pane, energy-efficient ones.

“Investing in energy-efficient windows can help reduce utility bills and improve the overall comfort of your home,” Anastasakos said. “Depending on the size and number of windows, $5,000 could cover a significant portion of the cost.”

Switch Out Your Front Door

  • Estimated cost: Several thousand dollars

It’s easy to overlook the little things — like the trim around your windows or your front door. But these can have a significant impact on the value of your home. After all, first impressions are a big deal and your main entranceway is going to be one of the first things prospective buyers see.

“A reasonably priced method to ensure potential buyers have a positive first impression of your home is to replace an outdated, worn-out or ancient entry door,” McMillan said. “Installing a new entry door can cost several thousand dollars, depending on whether you choose a fiberglass, wooden or steel model. However, the return on investment can be substantial when it comes time to resell.”

Splurge for Smart Home Upgrades

  • Estimated cost: $1,000 to $5,000

Smart homes are all the rage. They’re convenient, secure and accessible — in a good way. So, if you don’t have the latest technology, now’s the time to upgrade.

Anastasakos suggested investing in smart thermostats, security cameras, door locks or even outdoor lighting systems. With a budget of $5,000, you could get several devices and potentially even pay for installation fees.

You don’t have to put in these upgrades all at once though. Take your time and spread out these additions in a way you’re financially comfortable with.

Upgrade Your Appliances

  • Estimated cost: $5,000+

Your home is probably full of appliances. Chances are you’ve at least got a dishwasher, oven range, microwave, refrigerator, washing machine and dryer. You also might have a separate freezer, double wall ovens and other specialty appliances.

If any of yours are starting to look out of date or have issues, now’s a good time to buy new ones. And with $5,000, you can do just that. You might not be able to go top-of-the-line on everything, but even a couple of small upgrades could do wonders for your home, according to McMillan.

Spruce Up Your Landscaping

  • Estimated cost: $2,000 to $5,000

Making sure your home’s curb appeal — that is, what people see from the sidewalk or street — is where it needs to be is key to improving your property’s overall perceived value. But what you do to improve your curb appeal is up to you.

Anastasakos had a few ideas.

“With $5,000, you could invest in landscaping projects such as adding flower beds, planting trees or shrubs, installing outdoor lighting or even hiring a professional landscaper for a complete makeover,” she said.

Invest Some Money in an Open Floor Concept

  • Estimated cost: $5,000+

Open floor concepts appeal to a lot of homebuyers, so investing in opening up your space could prove rather profitable. It might not be easy though. It also could end up costing you more than you expected, depending on the current design and layout of your home.

“To create an open floor plan, a non-load-bearing wall must often be removed and replaced by an arch, if necessary,” McMillan said. “Structural support must be added to breach a load-bearing wall, which entails additional costs.”

Ask a professional to give you an estimate of how much such a project would cost. If it exceeds your $5,000 budget, hold off on it until you have more money for it.

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This article originally appeared on GOBankingRates.com: I’m a Real Estate Agent: Here’s the Best $5,000 You Can Spend on Your Home Right Now