More homeowners are turning toward home improvement projects as mortgage rates continue to stay high, and many people — especially millennials — are staying put as they become priced out of the market.
As a result, homeowners are looking to home projects and renovations to increase the value of their homes and make it closer to their dream, according to Angi, a home services website that allows users to search for contractors for home improvement work. The agency, which surveyed more than 6,000 homeowners in the U.S., found they spent 51 percent more on home projects last year compared to 2019, according to its “State of Home Spending” report.
The top reasons for not completing work were budget related: either the total project costs or estimates were too high or there was an immediate need to do emergency or unplanned projects. Last year, homeowners spent an average of $9,542 on home improvement projects, according to the report.
“Despite the moderate impact of inflation, homeowners are still improving their home, especially over the past five years,” the report read. “In the eight years we have tracked homeowner spending on home improvement and remodeling, 2023 is the second-highest average.”
Here are three home projects under $2,000 that will elevate any living space on a small budget.
Painting
Painting is easily one of the cheapest projects a homeowner can do that has the biggest impact aesthetically, said Nick Slavik, chair of board of directors for the Painting Contractors Association.
Slavik estimates DIY costs start at $200 for supplies, then about $50-$75 per room. If a homeowner booked through a professional company like his New Prague-based Nick SlavikPainting and Restoration Co., he estimates it would cost about $450 for a 100-square-foot room. When hiring a service, homeowners are saving themselves time and effort.
“With painting, you’re going to do the most amount of change of anything you do,” he said.
For beginners, Slavik recommends starting on a small half-bathroom, where trying out new colors is easier. Plus, if the homeowner gets distracted in the middle of the project, they can shut the door and finish up later.
The rooms homeowners should pay attention to are the kitchen and dining spaces, he said.
“It’s the heart of house. If you were to chart the time people spend in each room awake, that would be there,” he said. “The most bang for your buck would be that central hub.”
The hardest part typically isn’t the painting itself, it’s choosing a color. In fact, the No. 1 reason for delayed projects is homeowners being unable to decide on a color, Slavik said. His company has a list of designers who can help clients with that.
And there are free resources for DIYers, too. Sherwin Williams has free virtual color consultations that Slavik advises his clients use.
A DIY project can take about two to three weeks to finish painting an entire three-bedroom, two-bathroom house, while it takes professionals a few days, Slavik said.
“I think about the time it would take to install a new toilet. If everything goes well, it would take me half a Saturday,” he said. “But what am I willing to give up for that time? I have a family and business. I’d have to sacrifice something to get that done.”
Interior design on a budget
Belkis Valdivia has seen her share of clients who turned to her renovation business, recently rebranded as Casamia Build and Design Co., after they got overwhelmed taking on projects themselves.
Before starting any interior design project, homeowners need to hone their unique style, she said. An easy way to start is to make a Pinterest account and find images you like, she said.
“Start room by room. Break it down so you can just work on one room at a time,” she said. “Take a look at the little elements that you’re gravitating toward. From there, you can see a pattern of what you’re picking.”
She also designed a free style quiz on her company’s website that can help people find what designs they like most. She also consults to help people begin the design process for $120 per hour.
Valdivia said her company specializes in helping people find and build their style. For her, that means honoring her Hispanic descent with bold, bright colors and designs.
“We don’t want to be afraid to express our love for color, different designs and Spanish tiles,” she said. “We want to be playful of color and not be afraid of who we really are.”
Ultimately, her goal is to help her clients be happy in their homes. There are a lot of inexpensive projects homeowners can do to elevate rooms and spaces, she said.
One easy way is adding carpet to a room, or the opposite: pulling out carpeting and adding in luxury vinyl flooring so there’s no need to worry about messes and stains, she said.
Updating the hardware on kitchen cabinets or bathroom drawers is another easy refresh for a room. Valdivia estimated that would cost around $200-$300. Peel-and-stick tiles can also be a cheap way to add a backsplash to a bathroom or kitchen or give a floor a new look.
She also recommended folks clean up their yards as an easy, low-cost home project that can refresh living space.
“Whenever I enter a client’s space, I always think of ways we can elevate the look of their house,” she said. “The exterior has so much potential to give the curb appeal life by doing some simple cleaning and decorating the front door.”
Energy upgrades
There are plenty of affordable upgrades that can save homeowners money in the long run.
“For me, the biggest energy-efficient thing to do is to swap out all your light bulbs with LED ones,” Valdivia said. “There’s so much technology out there that you can sync those up with your smart devices and set them on a timer to automatically turn them off when you leave the house.”
If you look in the right places, homeowners can get some of the supplies for less than a dollar.
