Whether you’ve purchased a new home that’s in need of some updates or have owned the property for a while and are ready for a change, it may be time to consider undertaking a home renovation project or two. In the U.S., home renovation costs can range from $18,000 to over $75,000 on average.
If that price tag is too much, don’t worry. There are lots of ways to improve your home without breaking the bank.
In this blog post, we share some improvement ideas and renovations that will add value and appeal to your home — all for under $5,000 each. Plus, tips for reducing renovation costs to help you make the most of your budget.
10 Home Renovation and Improvement Ideas that Cost Less Than $5,000 Each
Some home renovations are cheaper than others, which may allow you to cover multiple projects with a $5,000 budget, but others are larger in scope and will require a bigger investment. Here are 10 home renovation ideas, including a renovation cost breakdown for each project, to help you choose which areas of your home you’d like to improve:
1. Apply a fresh coat of paint throughout your house
Painting is an easy affordable way to update your space and stay on trend. Blank Canvas by Behr, Redend Point by Sherwin-Williams, Raspberry Blush by Benjamin Moore, and Aged Barrel by Minwax are just some of the 2023 colors of the year that can help you get inspired. On average, DIY interior painting costs between $1 and $3 per square foot. If you plan to hire a professional painter, expect costs to range between $2 and $6.
2. Paint the exterior of your home
If inside your home is up to date with the latest in trending paint, look outside to see if a new coat is needed on the exterior of your home. Rain, wind, sunshine, and snow can cause paint to peel and discolor. Fresh paint acts as a protective barrier, shielding the surface of your home from moisture, UV rays, and other environmental factors.
3. Upgrade your flooring
Have money in your budget left over after painting? Update your flooring to improve the overall aesthetics of your home from top to bottom. Options like laminate, vinyl, or carpet tiles are relatively affordable and can cost between $1 and $4 per square foot (not including installation). Painting the exterior of a home averages around $3,000, and we recommend leaving this renovation to the professionals.
4. Enhance your home’s curb appeal through landscaping
Gardening and landscaping are low-cost and DIY-friendly activities that can add to your home’s curb appeal. Whether you add new plants or fresh mulch to your property, your effort will be immediately noticed by the whole block. On average, DIY landscaping costs less than $2,000, and professional landscaping services most often cost between $3,000 and $13,000.
5. Install a new front door
A new steel or fiberglass front or entry door can provide added security while also helping to improve your home's curb appeal. You can also accentuate the new door and create an inviting environment to greet all your guests by decorating it with hanging baskets, planters, a welcome mat, and light fixtures. The national average cost in the U.S. to replace your entry door ranges between $400 and $1,700.
6. Install a backsplash in your kitchen or bathroom
Adding a backsplash in your kitchen or bathroom can instantly elevate the space. There are various options available, including peel-and-stick tiles or ceramic tiles, and costs range from $200 to $800, depending on the size of your space and the material you choose.
7. Update your bathroom fixtures and accessories
Replacing outdated bathroom fixtures like faucets, showerheads, and towel bars can give your bathroom a modern and polished look. The cost for updating these fixtures typically ranges from $100 to $300, depending on the quality and style you select. For a more significant refresh, replace your old vanity, too. Pre-assembled vanities are available at most hardware stores and range from $300 to $3,000. If you’re on a tight budget, you can also consider repurposing a piece of furniture as a vanity to save costs.
8. Refinish your kitchen
While kitchen redesigns often come with a hefty price tag, you can refinish your space much cheaper by applying a fresh coat of paint or stain and updating the hardware. The cost of refinishing materials can range from $100 to $500, depending on the size of your kitchen and the quality of materials you choose. If your kitchen countertops are outdated, worn, or scratched, you can use this as an opportunity to replace them, too. To stay safely within budget, consider laminate or butcher block countertops, which are more budget-friendly compared to options like granite or quartz.
9. Give your garage a makeover
Garages are often an afterthought when it comes to home renovations, but that’s because most homeowners can’t see the potential with crumbling drywall lining the walls and clutter covering the floor. With Trusscore Wall&CeilingBoard and Trusscore SlatWall, you can transform your garage into a bright, beautiful, and water-resistant space that’s complete with on-the-wall storage and acts as an extension of your home. In a 1,000-square-foot garage, you can expect to pay between $3,000 and $5,000 for the panels (plus, you’ll save on installation costs because our panels are so DIY-friendly). If you want your garage to look as good on the outside as it does indoors, also consider installing a new garage door. Garage door replacements usually cost between $750 and $1,600 (it also offers a great return on investment if you plan to sell your home).
10. Update lighting fixtures and install ceiling fans
Replacing outdated light fixtures with modern alternatives can instantly enhance the ambiance of a room, and you can find stylish options within the $100 to $300 range, depending on the complexity and design. With your eyes turned to the ceiling, also consider installing ceiling fans in bedrooms and living areas. Ceiling fans are relatively affordable and can help boost your home’s energy efficiency by reducing cooling costs in the summer.
8 Tips for Reducing Home Renovation Costs
Trying to get the most value you can out of your $5,000 budget? Keep these eight tips in mind when budgeting for home renovations to help minimize costs and maximize the number of projects you can complete:
1. Set a realistic budget and stick to it
You may use your entire budget on one renovation, or you can allocate funds across several projects (like painting your walls and replacing your flooring, for example). Be sure to include a contingency amount for unexpected expenses.
2. Create a detailed plan for your project
Research materials, labor costs, and potential alternatives to find the most cost-effective options. You can avoid unnecessary expenses simply by having a clear vision and understanding of the project at hand.
3. Prioritize the most important areas of your home
Some areas or elements of your home may require more immediate attention than others. By focusing on essential renovations, you can allocate more resources to those areas first and spend on more aesthetic-based projects later.
4. DIY wherever possible
Depending on your skill set, consider taking a do-it-yourself approach for tasks that you're comfortable with. DIY can save on labor and installation costs, especially for smaller projects like painting, installing fixtures or Trusscore Wall&CeilingBoard panels, and minor repairs.
5. Obtain multiple quotes
When hiring professionals for large or complicated projects, obtain multiple quotes from different contractors. This allows you to compare prices, services, and quality of work. However, it’s important to remember that the lowest price may not always be the best option -- consider reputation, experience, and references as well.
6. Reuse or repurpose existing materials in your home
Salvaging items like cabinets, fixtures, or even wood flooring can save you money. Purchasing reclaimed or recycled materials is more cost-effective (and eco-friendly!), too.
7. Shop smart for materials
Look for sales, discounts, or clearance offers when purchasing materials. Compare prices from different suppliers and consider online marketplaces for competitive deals.
8. Time your renovations strategically
Some contractors may offer lower rates during off-peak seasons or slower times of the year. If you’re hiring a professional, consider scheduling your renovation project during downtime to potentially secure better pricing.
Is a garage makeover at the top of your renovation list? Check out our Project Planner to determine how much Trusscore you’ll need — and how much you can expect your project to cost.
Select curated garage and interior space plans and choose how much Wall&CeilingBoard and SlatWall you’d like to include.
Explore colors and different designs to estimate your ballpark project cost. We’ll also provide a material list to give you a better understanding of how much material you’ll need.