Top 10 Renovation Projects under $5000

Top 10 reno projects under $5000 including ROI potential 

Home Renovations Return

Finding the best home renovations that bring the highest return for the money spent can bring a financial benefit. The following is the top 10 renovation to undertake for < $5000, 

Choose the best project!

Home renovations can be a costly and time-consuming endeavor, but they can also add value to a home and bring a good return on investment. The key is to focus on renovations that will have the most impact and bring the highest return for the money spent. We searched to identify the top 10 home renovations that fall under a budget of $5,000 and provide the greatest return on investment.

The search begins…

To identify the top 10 home renovations, various sources such as real estate experts, home improvement industry professionals, and online resources were consulted. Data on the average cost and return on investment of each renovation was analyzed to determine the top 10 renovations that provide the highest return for the money spent.

The top 10 home renovations < $5000

Based on the data analyzed, the following are the top 10 home renovations under a budget of $5,000 that provide the greatest return on investment:

  1. Fresh coat of paint – A fresh coat of paint can go a long way in updating the look of a home, and it is relatively inexpensive compared to other renovations. The average cost of a professional paint job is around $2,500, and it can provide a return on investment of up to 107%.
  2. Refinishing hardwood floors – Hardwood floors are a popular feature in homes and refinishing them can help to restore their natural beauty. The average cost of refinishing hardwood floors is around $2,500, and it can provide a return on investment of up to 105%.
  3. Replacing the front door – The front door is the first thing that potential buyers see when they visit a home, so making it attractive and welcoming is important. The average cost of replacing a front door is around $1,200, and it can provide a return on investment of up to 101%.
  4. Updating the kitchen – The kitchen is often a focus of home buyers, and updating it can add value to a home. The average cost of a kitchen update is around $3,000, and it can provide a return on investment of up to 98%.
  5. Adding a deck – A deck can be a great outdoor space for entertaining and can add value to a home. The average cost of adding a deck is around $4,000, and it can provide a return on investment of up to 90%.
  6. Replacing windows – Energy-efficient windows can help to lower energy bills and provide a more comfortable living environment. The average cost of replacing windows is around $4,000, and it can provide a return on investment of up to 78%.
  7. Updating the bathroom – A bathroom update can help to modernize a home and make it more appealing to potential buyers. The average cost of a bathroom update is around $3,000, and it can provide a return on investment of up to 76%.
  8. Insulating the attic – Proper insulation can help to lower energy bills and make a home more comfortable. The average cost of insulating an attic is around $1,500, and it can provide a return on investment of up to 75%.
  9. Landscaping – Landscaping can improve the curb appeal of a home and make it more attractive to potential buyers. The average cost of landscaping is around $2,000, and it can provide a return on investment of up to 75%.
  10. Adding a garage – A garage can provide additional storage space and can add value to a home. The average cost of adding a garage is around $5,000, and it can provide a return on investment of up to 72%.

A home renovation can be a worthwhile investment

Undertaking a home renovation can be a worthwhile investment, but it is has to be well chosen.

To get the biggest bang for the buck is to choose from the top 10 home renovations under a budget of $5,000 that provide the greatest return on investment. These are: a fresh coat of paint, refinishing hardwood floors, replacing the front door, updating the kitchen, adding a deck, replacing windows, updating the bathroom, insulating the attic, landscaping, and adding a garage. By focusing on these renovations, homeowners can make improvements to their home that will have the most impact and provide a good return on their investment. It is important to carefully consider the cost and potential return on investment of any home renovation project before proceeding, in order to maximize the value of the home and make the most of the available budget.

How much could be saved by adding DIY efforts to the top 10 best renovations under $5000

By implementing the use of DIY skills, the potential ROI increases when the homeowner does the labor.

In addition to the renovations listed above, it is worth considering the potential benefits of using DIY skills to complete home renovations. While hiring professionals may be more convenient and potentially faster, completing renovations as a DIY project can significantly decrease the overall cost of the project. This can be especially beneficial when working within a tight budget, such as the $5,000 budget outlined in this paper.

Not only can completing renovations as a DIY project save money on labor costs, but it can also potentially increase the return on investment. By completing the work themselves, homeowners can have more control over the quality of the finished product and ensure that it meets their standards. This can be especially important for renovations that have a high impact on the value of the home, such as updating the kitchen or adding a garage.

Of course, it is important to carefully consider the scope of the project and ensure that the homeowner has the necessary skills and knowledge to complete the work safely and effectively. Taking on a DIY project that is beyond the homeowner’s capabilities can lead to costly mistakes and potentially even decrease the value of the home. However, with proper planning and preparation, DIY home renovations can be a rewarding and cost-effective way to improve the value of a home.

Add ROI estimates with DIY labor and subtracting professional labor costs of the proposed renovations.

In addition to the estimates provided in the original research paper, the following are estimates of the return on investment for the top 10 home renovations under a budget of $5,000, assuming the homeowner completes the work themselves and subtracts the cost of professional labor:

  1. Fresh coat of DIY paint – A fresh coat of paint can go a long way in updating the look of a home, and it is relatively inexpensive compared to other renovations. The average cost of a professional paint job is around $2,500, but this cost can be significantly reduced by completing the work as a DIY project. The average cost of DIY paint supplies is around $300, and with a return on investment of up to 107%, the potential increase in home value could be up to $3,210.
  2. The homeowner refinishing hardwood floors DIY – Hardwood floors are a popular feature in homes and refinishing them can help to restore their natural beauty. The average cost of refinishing hardwood floors is around $2,500, but this cost can be reduced by completing the work as a DIY project. The average cost of DIY floor refinishing supplies is around $500, and with a return on investment of up to 105%, the potential increase in home value could be up to $2,625.
  3. A DIY replacement of the front door – The front door is the first thing that potential buyers see when they visit a home, so making it attractive and welcoming is important. The average cost of replacing a front door is around $1,200, but this cost can be reduced by completing the work as a DIY project. The average cost of a DIY front door replacement is around $300, and with a return on investment of up to 101%, the potential increase in home value could be up to $1,221.
  4. The homeowner doing the kitchen updates – The kitchen is often a focus of home buyers, and updating it can add value to a home. The average cost of a kitchen update is around $3,000, but this cost can be reduced by completing some or all of the work as a DIY project. The average cost of DIY kitchen update supplies is around $1,000, and with a return on investment of up to 98%, the potential increase in home value could be up to $2,940.
  5. Adding a DIY deck – A deck can be a great outdoor space for entertaining and can add value to a home. The average cost of adding a deck is around $4,000, but this cost can be reduced by completing some or all of the work as a DIY project. The average cost of DIY deck supplies is around $1,500, and with a return on investment of up to 90%, the potential increase in home value could be up to $3,600.
  6. The homeowner replaces the windows via DIY efforts – Energy-efficient windows can help to lower energy bills and provide a more comfortable living environment. The average cost of replacing windows is around $4,000, but this cost can be reduced by completing some or all of the work as a DIY project. The average cost of DIY window replacement supplies is around $1,500, and with a return on investment of up to 78%, the potential increase in home value could be up to $3,120.
  7. A DIY update of the bathroom – A bathroom update can help to modernize a home and make it more appealing to potential buyers. The average cost of a bathroom update is around $3,000, but this cost can be reduced by completing some or all of the work as a DIY project. The average cost of DIY bathroom update supplies is around $1,000, and with a return on investment of up to 76%, the potential increase in home value could be up to $2
  8. The homeowner insulates the attic – Proper insulation can help to lower energy bills and make a home more comfortable. The average cost of insulating an attic is around $1,500, but this cost can be reduced by completing the work as a DIY project. The average cost of DIY attic insulation supplies is around $300, and with a return on investment of up to 75%, the potential increase in home value could be up to $1,125.
  9. DIY Landscaping – Landscaping can improve the curb appeal of a home and make it more attractive to potential buyers. The average cost of landscaping is around $2,000, but this cost can be reduced by completing some or all of the work as a DIY project. The average cost of DIY landscaping supplies is around $500, and with a return on investment of up to 75%, the potential increase in home value could be up to $1,500.
  10. Homeowner adds a garage – A garage can provide additional storage space and can add value to a home. The average cost of adding a garage is around $5,000, but this cost can be reduced by completing some or all of the work as a DIY project. The average cost of DIY garage construction supplies is around $2,000, and with a return on investment of up to 72%, the potential increase in home value could be up to $3,600.

It is important to note that these estimates are based on average costs and returns on investment and may vary depending on specific circumstances, location and market conditions. Homeowners should carefully research and consider their options before undertaking any home renovation project.