Cheap Ways to Boost Your Home's Value

This story was originally published by AOL on May 12, 2008.

THESE DAYS, MOST homeowners are facing a scary reality: a rapid decline in their home's value.

According to the National Association of Realtors, median existing home prices are down 7.1% from last July -- and aren't expected to recover until well into 2009.

One way to buck the trend and boost the value of your home is to make some basic renovations. There's no need to embark on big-ticket projects — you probably won't recoup all of the costs anyway. Instead, seek out some inexpensive projects that will not only brighten up the place, but put a little extra cash in your pocket should you decide to sell your home. Here are five worth considering:

1) Paint

A little paint or varnish can go a long way toward improving your home's value. One fresh coat (along with a little sanding and caulking) wipes out the scuffs, chips, cracks and other damage that clearly convey wear and tear. Make your first priority the front door, where everyone from visitors to potential buyers lingers. "You're standing on the front porch and you have a good 15, 20 seconds just to look," says David Lupberger, home improvement expert with ServiceMagic.com, a Golden, Colo.-based contractor marketplace. Inside, don't forget to freshen up the baseboards, doors and ceilings after you tackle the walls.

Just remember to stick to neutral colors if you're thinking of selling sometime soon, advises Lupberger. Buyers might not share your appreciation for the eye-popping combo of Fireball Orange and Traffic Light Green in the living room.

2) Basic maintenance

"You have to be careful with remodeling because you can spend money in the wrong place and not get it all back," says Lyle Martin, co-founder of Assist-2-Sell, a Reno, Nev.-based real estate brokerage. A common mistake: making aesthetic upgrades while ignoring basic maintenance. New bathroom tiles mean nothing if the plumbing is faulty or the underlying wall has dry rot.

If you don't address these problems before putting your home on the market, it'll cost you. Buyers traditionally negotiate a $2 discount for every $1 in damage that turns up in a home inspection, according to home inspection service HouseMaster.

Aim to complete a few small maintenance projects each year, like fixing that creaky floorboard or replacing a cracked light switch plate, advises Martin. Not sure where to start? Hire a home inspector to point out which areas would be problematic were your home on the market.