Christina Bolling
Charlotte Observer

Lots of home buyers these days are feeling a little strapped after they move in, with tighter lending restrictions requiring bigger down payments. Buyers, whether they choose new or existing homes, have less cash to fix up new places just the way they want.

The days of putting no money down on your house so you’ll have $30,000 or $40,000 for that dream kitchen remodel?

They’re over.

“I don’t think you can any longer get a 100 percent mortgage,” said Dot Munson, president of the Charlotte Regional Realtor Association and a real estate broker with RE/MAX Executive Realty.

Don’t despair, though. You might not enjoy that major kitchen overhaul right away, but you still have options even with a more modest sum left in your bank account. Say, $5,000.

We asked area designers and building experts what improvements, for $5,000 or less, would add the most impact to a home.

Some laughed at such a meager budget, but plenty offered ideas guaranteed to put a hopeful smile on any home buyer’s face.

• Lighting lighting lighting, says Suzanne Conway, manager of showrooms for Ferguson Bath, Kitchen and Lighting Gallery in Charlotte.

Take out fluorescent overhead lighting and add recessed lights, pendulum lights and under-cabinet lighting, she says. The task lighting will make it easier to see what you’re doing as you cook and clean, and the pendulum and recessed lights will make the room seem cozier.

• Depending on how much is left over after the lighting project is complete, changing out faucets and cabinet hardware can also make a big impact, Conway says.

The $5,000 budget won’t likely allow for new appliances, but some manufacturers will allow buyers to purchase new appliance fronts, Conway says. So that almond-colored stove and dishwasher could transform into stainless-steel look-alikes for a lot less money.

• Changing out countertops is a dramatic way to update a kitchen.

You couldn’t replace all the counters in a large kitchen on our budget. But you could add a stylish new top to a centerpiece island. And owners of townhouses or smaller single-family homes could probably add granite countertops and tile backsplashes and stay within the $5,000 budget, said Grant Winrich, sales manager for Instyle Charlotte, a fabricator and installer of all-natural stone products.

• Or $5,000 would be plenty to install new tile floors in a small to medium-sized kitchen, Winrich said.

IN THE BATHROOM

• Many of the fixes for the kitchen also hold true for the bathroom — granite countertops, improved lighting and nicer hardware.

• Also popular are vanities that look like antique wooden furniture pieces, many of which cost less than $5,000. Furniture companies now produce stand-alone vanities in an array of styles and colors, with sinks already built in, for far below our budget. They’re easy for a do-it-yourselfer to install, too.

• Paint works wonders, too. Charlene Smith, executive director for the Charlotte chapter of the National Association of the Remodeling Industry, asked painters working in her bathroom to put a coat on the existing vanity. She then distressed the vanity herself with sandpaper and, voila — she says it came out looking like a piece of antique furniture.

ENTRYWAY

• Why not have a little fun with the front door, which, after all, is what visitors first see when they come in?

“For $5,000 or less you can get a really powerful looking door,” said Scott Willis of Stock Building Supply in Charlotte. “There are a ton of door options out there right now that add instant curb appeal to the front of your house.”

• High-end doors could have insulated glass panels, decorative wrought iron grills, clavos (door nails), transom windows above the door or sidelight windows beside the doors.

• Another way to drastically change the appearance of a house, Willis says, is to change the garage doors. Fun options are carriage or Craftsman-style doors, industrial-looking metal doors or doors that can be stained in different finishes to complement the color and style of the rest of the house.

STAIRWAY

If a stairway is highly visible, why not switch out the banister?

“One of the hotter things right now is a wrought-iron railing,” said Scott Willis of Stock Building Supply in Charlotte. New homes typically come with oak-stained handrails sitting atop white picket posts. But stairs can add wow appeal if you choose the right balusters, or posts supporting the handrail.

Decks and play sets

For homeowners who relish the outdoors, adding deck space may be the best choice for $5,000.That money could buy a relatively modest-size deck, say, 12 feet by 14 feet, says Eric Kent, owner of Archadeck of Charlotte.

Or if a deck is already there, the money could be spent making it larger or adding a retractable awning or pergola for shade and privacy.

Or, you could be your children’s hero by spending your $5,000 fun money building them a swing set or playhouse.