Instead, increase your home's value in small ways, and profit at the same time. According to the stars of Bravo's "Million Dollar Listing," there are ways to increase your home's value without spending tons of money.
It sounds too good to be true, but hear us out: HuffPost Home consulted with David Parnes and James Harris, who are currently teamed up with Trulia on holiday house-hunting project. They provided a doable, 3-step plan that could literally make money off a home renovation instead of costing an arm, a leg and a mortgage.
Step 1: Declutter.
Empty the house of anything that doesn't need to be there, and sell what you find. Harris says that more often than not, you'll be pleasantly surprised at the profit you turn from selling excess clothing and furniture.
Step 2: Paint it white.
Once the clutter is out, take down family photos and paint the walls a clean white. "It helps potential buyers imagine themselves in your home," Harris says. A blank slate is all they need to get excited about making the space their own.
Step 3: Declutter the outside, too.
Just as decluttering the inside boosts appeal, cleaning up the front yard helps, too. Parnes suggests ripping out or re-painting old fences or hiring a gardener to put down new grass or turf, which typically costs $5 to $20 per square foot. (And hey, you just made cash from selling your old stuff!)
Bonus step: Re-do hardwood floors.
If you're looking to make a big change with the rest of your newfound cash, this will help: "Sand down your wooden floors, then re-varnish and re-stain them," Harris recommends. "It's a great way to improve without spending an extravagant amount of money."
And it leaves potential buyers positively floored.
Happy home improving!
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